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Latham & Watkins Advises on Heron Therapeutics’ Working Capital Credit Facility

August 17, 2023
Firm represents the lender in working capital growth financing for the specialty pharmaceutical company.

Heron Therapeutics, Inc. (Heron), a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care, has announced it entered into a working capital facility agreement with Hercules Capital, Inc. The facility provides for an aggregate gross principal amount of up to US$50 million in working capital for Heron, subject to certain terms and conditions, with approximately US$24.5 million in net proceeds drawn at closing.

Latham & Watkins LLP advised Hercules Capital in the financing with a transactional team led by partners Haim Zaltzman and Dan Van Fleet, with associates Hai Pham and Tyler Davis. Advice was also provided on tax matters by partner Eric Cho; on corporate matters by partners Jim Morrone, Reza Mojtabaee-Zamani, and Eric Rice; and on regulatory/healthcare matters by partners Ben Haas and Betty Pang and counsel Chad Jennings.