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Latham & Watkins Advises Pionyr Immunotherapeutics in Acquisition by Ikena Oncology

August 7, 2023
Multidisciplinary team represented the privately held, clinical-stage biotechnology company in all-stock transaction.

Ikena Oncology, Inc. (Nasdaq: IKNA, Ikena), a targeted oncology company forging new territory in patient-directed cancer treatment, and Pionyr Immunotherapeutics, Inc. (Pionyr), a privately held, clinical-stage biotechnology company, have announced the closing of Ikena’s acquisition of Pionyr in an all-stock transaction. Ikena acquired all of Pionyr’s assets, including approximately US$43 million in net cash, in exchange for shares of IKNA stock, in a combination of common stock and non-voting convertible preferred stock priced at US$7.15 per share.

Latham & Watkins LLP advised Pionyr in the transaction with a M&A team led by Bay Area partner Mark Bekheit and Bay Area associate Tessa Bernhardt, with associates Donna Kim and Rebecca Dixon. Advice was also provided on general corporate matters by Bay Area partner Benjamin Potter; on capital markets matters by Orange County partner Drew Capurro, with associate Caitlin Nguyen; on benefits and compensation matters by Bay Area partner James Metz, with associate Niveda Anandan; on tax matters by Bay Area partner Grace Lee, with associates Derek Gumm and Rasha Suleiman; on antitrust matters by Washington, D.C. counsel Britton Davis; on healthcare IP matters by Bay Area partners Judith Hasko and Jekkie Kim, with associate Mizuna Sekine; on healthcare regulatory matters by Washington, D.C. partner Ben Haas and Bay Area partner Betty Pang, with associate Seth Olson; and on data privacy matters by Bay Area partner Heather Deixler, with associate Jack Chai.