Goodwin Procter advised Senti Biosciences, while Davis Polk advised Dynamics Special Purpose Corp. on the deal.
Senti Biosciences (“Senti Bio”) announced its definitive business combination agreement with Dynamics Special Purpose Corp. (Nasdaq: DYNS) to create a public company focused on next-generation gene circuit-enabled cell and gene therapies. The transaction values the combined company at a pro forma equity value of approximately $600 million, assuming a $10.00 per share price and no shareholder redemptions.
The transaction, which has been approved by each of Dynamics’ Board of Directors and Senti Bio’s Board of Directors, is expected to be completed in the second quarter of 2022, subject to approval by Dynamics’ and Senti Bio’s shareholders and satisfaction, or the waiver of, customary closing conditions identified in the business combination agreement. Upon closing of the transaction, the combined company will be named Senti Biosciences, Inc. and will be led by Tim Lu, MD, PhD, Chief Executive Officer of Senti Bio. The company’s common stock plans to list on the Nasdaq Capital Market under the trading symbol “SNTB”.
Senti Bio’s mission is to create a new generation of smarter medicines that outmaneuver complex diseases using novel and unprecedented approaches. To accomplish this, the company is building a synthetic biology platform that may enable us to program next-generation cell and gene therapies with what it refers to as “gene circuits.”
The Goodwin team was led by Jocelyn Arel (Picture), Mike Patrone, Maggie Wong, Wei Xu and Jesse Fishman, and included Alicia Tschirhart, Sarah Bock, Morgan Frisoli, Morgan Mordecai, Steven Tjoe, Roger Cohen, Michael Shuster, Kevin Kabler, Brad Smith, Todd Pollock and Andrew Wilson.
The Davis Polk corporate team included partner Alan F. Denenberg and associates W. Soren Kreider IV, Alex DeGroat, Elsie Cheang and Karen Yang. The tax team included partner Patrick E. Sigmon and associate Benjamin Helfgott. The intellectual property and technology transactions team included partner David R. Bauer and associate Hilary Smith. The executive compensation team included partner Adam Kaminsky.
Involved fees earner: David Bauer – Davis Polk & Wardwell; Elsie Cheang – Davis Polk & Wardwell; Alex DeGroat – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Benjamin Helfgott – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Soren Kreider – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell; Hilary Smith – Davis Polk & Wardwell; Karen Yang – Davis Polk & Wardwell; Jocelyn Arel – Goodwin Procter; Sarah Bock – Goodwin Procter; Roger Cohen – Goodwin Procter; Jesse Fishman – Goodwin Procter; Morgan Frisoli – Goodwin Procter; Kevin Kabler – Goodwin Procter; Morgan Mordecai – Goodwin Procter; Michael Patrone – Goodwin Procter; Todd Pollock – Goodwin Procter; Michael Shuster – Goodwin Procter; Bradford Smith – Goodwin Procter; Steven Tjoe – Goodwin Procter; Alicia Tschirhart – Goodwin Procter; Andrew Wilson – Goodwin Procter; Maggie Wong – Goodwin Procter;