Renalytix AI plc’s $85.1 Million Global Shares Offering


Goodwin Procter LLP advised the underwriters on the deal.

Renalytix AI plc (LSE: RENX) (NASDAQ: RNLX), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs, closed its global offering of an aggregate of 11,000,000 new ordinary shares, including 5,485,000 American Depositary Shares (“ADSs”) at a price of US$13.50 per ADS and 30,000 ordinary shares at a price of £5.37 per ordinary share (at an exchange rate of GBP:USD 1:1.2563), for aggregate gross proceeds of approximately US$74.3 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by RenalytixAI. Each ADS offered represents two ordinary shares of the Company. The ADSs were offered in a registered public offering in the United States and the Company’s ordinary shares were offered in a concurrent private placement in Europe and other countries outside of the United States. In addition, RenalytixAI has granted the underwriters a 30-day option to purchase up to an additional 822,750 ADSs at the initial offering price per ADS less underwriting discounts and commissions.

Goodwin Procter LLP advised the underwriters with a team led by Michael Maline (Picture),Thomas Levato, Audrey Leigh, Michelle Wilensky, Adi Vinyarsh, and Christine Jeong, and included Andrew Harrow, Bryce McCullagh, Janet Andolina, Andrew Wilson, Matthew Dunay, Robert Young, Asta Evans, Suhrid Wadekar, Julie Tibbets, Steven Tjoe, Roger Cohen, Madison Marcus, Nikhil Sethi, Alexandra Denniston, Leslie Nash and Ettore Santucci.

Involved fees earner: Janet Andolina – Goodwin Procter; Roger Cohen – Goodwin Procter; Alexandra Denniston – Goodwin Procter; Matthew Dunay – Goodwin Procter; Andrew Harrow – Goodwin Procter; Audrey Leigh – Goodwin Procter; Thomas Levato – Goodwin Procter; Michael Maline – Goodwin Procter; Madison Marcus – Goodwin Procter; Bryce McCullagh – Goodwin Procter; Ettore Santucci – Goodwin Procter; Nikhil Sethi – Goodwin Procter; Julie Tibbets – Goodwin Procter; Steven Tjoe – Goodwin Procter; Adi Vinyarsh – Goodwin Procter; Suhrid Wadekar – Goodwin Procter; Michelle Wilensky – Goodwin Procter; Andrew Wilson – Goodwin Procter; Robert Young – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: J.P. Morgan Securities LLC; Stifel, Nicolaus & Company, Incorporated;

Author: Ambrogio Visconti