Cerevel Therapeutics’ Business Combination Agreement with Arya Sciences

Goodwin Procter LLP acted as legal counsel to Cerevel Therapeutics, while Kirkland & Ellis LLP acted as legal counsel to Arya II. Ropes & Gray advised Bain Capital on the deal.

Cerevel Therapeutics entered into a business combination agreement with Arya Sciences. The transaction was announced on July 30.

Cerevel is dedicated to unraveling the mysteries of the brain to treat neuroscience diseases.

Arya Sciences Acquisition Corp II (Arya II) is a special purpose acquisition company or SPAC, sponsored by Perceptive Advisors.

Bain Capital, Perceptive Advisors, Pfizer Inc. and other top-tier healthcare investors have committed to participate in the transaction through a common stock PIPE of approximately $320 million. Upon closing of the transaction, Arya II will re-domicile as a Delaware corporation to be renamed Cerevel Therapeutics Holdings, Inc., and its common stock is expected to be listed on Nasdaq under the ticker symbol “CERE.” The business combination is expected to be completed by the fourth quarter of 2020.

Bain Capital is an existing shareholder in Cerevel Therapeutics.

Morgan Stanley acted as lead capital markets advisor to Cerevel Therapeutics, with Evercore and Stifel also acted as capital markets advisors to Cerevel Therapeutics. Jefferies LLC and Goldman Sachs & Co. LLC acted as financial and capital markets advisors to Arya II as well as private placement agents.

The Ropes & Gray team that represented Bain Capital was led by private equity partner Laura Steinke (New York; Picture), mergers & acquisitions partner Thomas Holden (San Francisco) and life sciences partner Michael Beauvais, and included mergers & acquisitions partner Thomas Fraser, private equity associates Martin Pepeljugoski and Michael Palermo, tax partner Amanda Holt and tax associate Alyssa Kollmeyer, executive compensation & benefits partner Renata Ferrari, employment, executive compensation & benefits counsel Claire Rosa and employment, executive compensation & benefits partner Megan Bisk (all of Boston).

Goodwin team was led by Stuart M. Cable, Arthur R. McGivern, James Xu, John Mei, Jocelyn M. Arel and Daniel J. Espinoza.

The Kirkland team advising Arya was led by transactional partners Jonathan Davis and Ryan Brissette and associate David Towarnicky, capital markets partners Christian Nagler and Peter Seligson and associate Aaron Schleicher, tax partner Sara Zablotney and associate Scott Fryman, and executive compensation partner Michael Krasnovsky.

Involved fees earner: Jocelyn Arel – Goodwin Procter; Stuart Cable – Goodwin Procter; Daniel Espinoza – Goodwin Procter; Arthur McGivern – Goodwin Procter; John Mei – Goodwin Procter; James Xu – Goodwin Procter; Ryan Brissette – Kirkland & Ellis; Jonathan Davis – Kirkland & Ellis; Scott Fryman – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Christian Nagler – Kirkland & Ellis; Aaron Michael Schleicher – Kirkland & Ellis; Peter Seligson – Kirkland & Ellis; David Towarnicky – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis; Michael Beauvais – Ropes & Gray; Megan Bisk – Ropes & Gray; Renata Ferrari – Ropes & Gray; Thomas Fraser – Ropes & Gray; Thomas Holden – Ropes & Gray; Amanda Holt – Ropes & Gray; Alyssa Kollmeyer – Ropes & Gray; Michael Palermo – Ropes & Gray; Martin Pepeljugoski – Ropes & Gray; Claire Rosa – Ropes & Gray; Laura Steinke – Ropes & Gray;

Law Firms: Goodwin Procter; Kirkland & Ellis; Ropes & Gray;

Clients: ARYA Sciences Acquisition Corp; Bain Capital; Cerevel Therapeutics;

Author: Ambrogio Visconti