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9 November 20232 minute read

DLA Piper advises SR One in co-leading US$175 million Series C financing round in Avalyn Pharma

DLA Piper represented SR One, a transatlantic biotechnology venture capital firm, as co-lead investor in the US$175 million Series C financing of Avalyn Pharma Inc., a developer of novel therapies designed for the treatment of idiopathic pulmonary fibrosis and severe respiratory diseases.

Alongside SR One, the financing was co-led by Perceptive Xontogeny Venture Funds and Eventide Asset Management, which were joined by new investors, Vida Ventures, Wellington Management, Rock Springs Capital, funds and accounts advised by T. Rowe Price Associates, Surveyor Capital, Catalio Capital Management and Piper Heartland. Current investors of Avalyn – including Novo Holdings A/S, Norwest Venture Partners, F-Prime Capital, Pivotal bioVenture Partners and RiverVest Venture Partners – also participated in the financing.

“We are pleased to continue our work supporting the SR One team with this financing, which provides Avalyn with the needed capital to continue its development of important innovative technologies and continues to demonstrate SR One as a notable venture investor in the biotech and therapeutics space as well as an important partner to its growing stable of portfolio companies,” said Ian Hlatky, the DLA Piper partner who led the deal team.

Along with Hlatky (Los Angeles), the DLA Piper team that advised SR One included fellow partner Drew Valentine (Austin) and associate Matt Strawbridge (Los Angeles).

DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers who provide strategic counsel to emerging companies in high-growth industries, including technology, healthcare, pharma & biotech, financial services, manufacturing, and communications. Over the last three years, DLA Piper has completed more than 2,100 financings globally totaling over US$80 billion.