Dechert Advises Aquestive Therapeutics on Two Transactions to Assist in Launch of Anaphylm Sublingual Film

Dechert recently advised Aquestive Therapeutics Inc. on two transactions aimed at advancing the launch and commercialization of Anaphylm Sublingual Film, a polymer matrix-based epinephrine prodrug designed as a rescue treatment for severe allergic reactions including anaphylaxis, assuming FDA approval.

Dechert advised on an underwritten offering of 21,250,000 shares of its common stock at an offering price of US$4.00 per share, for gross proceeds of US$85 million from the offering before deducting underwriting discounts, commissions and expenses.

Dechert also advised Aquestive Therapeutics, Inc. on a US$75 million strategic funding agreement, pursuant to which funds managed by RTW Investments, LP will receive a tiered single digit percentage of annual net sales of Anaphylm in the United States, subject to a cap.

Pending FDA approval of Anaphylm™ Sublingual Film and other conditions, this strategic financing, together with the proceeds of the underwritten offering and cash on hand, provides essential capital to support Aquestive Therapeutics through 2027, enabling the potential launch of Anaphylm.

Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies.

The Dechert team that advised Aquestive in the underwritten common stock offering was led by corporate and life sciences partner David S. Rosenthal, corporate partner Anna Tomczyk and associates Nicholas Chionchio, Rebecca Pan, Sara Allen and Beyond Bi. For the strategic funding transaction, the team was led by David S. Rosenthal alongside global finance partner Scott Zimmerman and counsel Meghan Redding; tax partner Joshua Milgrim; and corporate associate Thomas Meriam.

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