Latham & Watkins Advises Crystalys Therapeutics in US$205 Million Series A Financing

Crystalys Therapeutics Inc. (Crystalys), a clinical-stage biopharmaceutical company, announced its launch with a US$205 million Series A financing to support its mission of addressing the significant unmet medical needs of people living with gout. The financing round was co-led by Novo Holdings, SR One, and Catalys Pacific, with participation from a broad syndicate of investors, including Perceptive Xontogeny Venture Funds, Lightstone Ventures, AN Venture Partners, funds managed by abrdn Inc., KB Investments, Pontifax, Longwood Fund, Alexandria Venture Investments, Wedbush Healthcare Partners, and Prebys Ventures Fund. The financing will support the advancement of global Phase 3 clinical studies evaluating the company's lead asset, dotinurad, a next-generation, once daily oral, URAT1 inhibitor with potential best-in-class safety and efficacy for the treatment of gout. Dotinurad has demonstrated robust efficacy and a well-defined safety profile across multiple clinical studies, supporting its approval in Japan, China, Philippines, and Thailand.

Latham & Watkins LLP represented Crystalys in the transaction with a corporate team led by San Diego partner Cheston Larson, with associates Christian Hollweg, Alex Stuart-Lovell, and Samantha Wang. Advice was also provided on compensation and benefits matters by San Diego partner Holly Bauer, with associate Julie Voorhes.