ProKidney’s Combination With Social Capital Suvretta Holdings Corp. III

Wachtell, Lipton, Rosen & Katz acted as legal advisor to SCS. Davis Polk & Wardwell and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C and Matheson acted as legal advisors to ProKidney. Winston & Strawn served as legal advisor to the PIPE placement agents.

ProKidney LP has entered into a definitive agreement to become a publicly traded company via a business combination with Social Capital Suvretta Holdings Corp. III (“SCS”) (Nasdaq: DNAC), a special purpose acquisition company.

ProKidney LP is a leading clinical-stage cellular therapeutics company focused on chronic kidney disease. Upon closing, the transaction will accelerate ProKidney’s mission to change the lives of tens of millions of CKD patients through a first-of-its-kind disease-modifying autologous cellular therapy.

The transaction is expected to deliver up to $825 million in gross cash proceeds, including the contribution of up to $250 million of cash held in SCS’s trust account, assuming no redemptions by SCS public shareholders, and a fully committed PIPE of $575 million at $10 per share. These proceeds will be primarily used to fund REACT®’s Phase 3 development program, accelerate ProKidney’s manufacturing buildout, and ultimately prepare for the global commercial launch of REACT®.

Wachtell Lipton’s team was led by Partner Raaj S. Narayan (Picture) and included Alon B. Harish, Associate, Samuel C. Nadler, Associate, Samuel C. Telzak, Law Clerk (Corporate), Joshua M. Holmes, Partner, Olivia R. Coates, Law Clerk (Tax), Selwyn B. Goldberg, Of Counsel, Nicole D. Sharer, Associate, KJ Lim, Associate (Intellectual Property), Michael S. Benn, Partner, John R. Sobolewski, Partner (Finance), Michael J. Schobel, Partner, Dixing Tang, Associate (Executive Compensation and Benefits), Damian G. Didden, Partner, and Lori S. Sherman, Associate (Antitrust).

The Davis Polk corporate team included partners Lee Hochbaum and Richard D. Truesdell Jr., counsel Matthew J. Cowcher and associates W. Soren Kreider IV, Claire Fischer and Michael Jiang. Partner Adam Kaminsky and associate Charlotte R. Fabiani provided executive compensation advice. Partner Patrick E. Sigmon and associate Benjamin Helfgott provided tax advice. 

Winston & Strawn represented the Placement Agents, including Citigroup Global Markets, Inc., Morgan Stanley, Evercore and Jefferies LLC, with Michael J. Blankenship, John P. Niedzwiecki, Robert Allan Oakes, IV, and Luisa F. Patoni.

The Mintz team included Members Matthew T. Simpson and Jason McCaffrey, Mintz Member, Chair of the firm’s Corporate Practice, and Co-chair of the Securities & Capital Markets Practice Megan Gates, Of Counsel Kate Stewart, and Associates Garrett Galvin, and Keunjung “KJ” Cho.

A cross-departmental Matheson team led by Gerry Thornton with fellow Partners, Fergus Bolster, George Brady, David Jones and Phil Tully, together with team members Raphael Clancy and Darren Quinn is pleased to be advising Irish registered biotech ProKidney LP

Involved fees earner: Matthew Cowcher – Davis Polk & Wardwell; Charlotte Fabiani – Davis Polk & Wardwell; Claire Fischer – Davis Polk & Wardwell; Benjamin Helfgott – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Michael Jiang – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Soren Kreider – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell; Fergus Bolster – Matheson; George Brady – Matheson; Raphael Clancy – Matheson; David Jones – Matheson; Darren Quinn – Matheson; Gerry Thornton – Matheson; Philip Tully – Matheson; Keunjung Cho – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Garrett Galvin – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Megan Gates – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Jason McCaffrey – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Matthew Simpson – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Kate Stewart – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Michael Benn – Wachtell, Lipton, Rosen & Katz; Damian Didden – Wachtell, Lipton, Rosen & Katz; Selwyn Goldberg – Wachtell, Lipton, Rosen & Katz; Alon Harish – Wachtell, Lipton, Rosen & Katz; Joshua Holmes – Wachtell, Lipton, Rosen & Katz; KJ Lim – Wachtell, Lipton, Rosen & Katz; Samuel Nadler – Wachtell, Lipton, Rosen & Katz; Raaj Narayan – Wachtell, Lipton, Rosen & Katz; Michael Schobel – Wachtell, Lipton, Rosen & Katz; Nicole Sharer – Wachtell, Lipton, Rosen & Katz; Lori Sherman – Wachtell, Lipton, Rosen & Katz; John Sobolewski – Wachtell, Lipton, Rosen & Katz; Dixing Tang – Wachtell, Lipton, Rosen & Katz; Michael Blankenship – Winston & Strawn; John Niedzwiecki – Winston & Strawn; Robert Allan Oakes – Winston & Strawn; Luisa Patoni – Winston & Strawn;

Law Firms: Davis Polk & Wardwell; Matheson; Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Wachtell, Lipton, Rosen & Katz; Winston & Strawn;

Clients: Citigroup Global Markets Ltd; Evercore Inc.; Jefferies; Morgan Stanley; ProKidney; Social Capital Suvretta Holdings Corp. III;