DLA Piper advised Heron Therapeutics, Inc. (Heron), a commercial-stage biotechnology company focused on oncology and acute care solutions, in the completion of a multi-faceted capital financing designed to enhance the company's financial flexibility, reduce total debt, and support long-term growth.
The transaction consisted of closing four simultaneous deals, including an amended credit facility, a convertible note for equity exchange, a new convertible note offering, and an equity PIPE. The proceeds from the various sources of capital were used to retire Heron's outstanding convertible notes and prior working capital facility, while also providing additional working capital to support its commercial and development initiatives.
"We are thrilled to be part of these transformative transactions for Heron and look forward to seeing the company execute on its strategic plan," said Andrew Gilbert, Chair of DLA Piper's Corporate practice and deal team lead.
In addition to Gilbert, the DLA Piper team included Partners Emilio Ragosa and Richard Marks, and Associates Gina Lee, Brian Sunberg, and Emily Rubino.
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE and M&A in combined global deal volume according to PitchBook.
DLA Piper's globally recognized life sciences team has spent decades helping entrepreneurs, companies, innovators, and investors turn their most promising and disruptive ideas into successful businesses. Drawing on diverse backgrounds in the legal, financial, and medical sectors and beyond, our team brings a distinctive blend of experience to develop client-focused solutions. We understand the unique challenges life science companies face in securing funding, licensing and safeguarding intellectual property, establishing partnerships, bringing new products to market, opening new paths to profitability, and protecting existing innovation. Our approach delivers both strategic and practical counsel to clients, ultimately leading to better human outcomes.
DLA Piper's global capital markets and public company advisory team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions. For the first half of 2025, DLA Piper's Capital Markets practice was ranked among the top 10 US Equity Capital Markets Bank Counsel by Bloomberg. The capital markets and public company advisory team also ranks as a leading firm for corporate governance by both Chambers and Legal 500.