Arbutus closes second tranche of a $116M strategic investment from Roivant Sciences

On January 12, 2018, Arbutus Biopharma Corp. (Arbutus) closed on a transaction involving the issue and sale of 664,000 series A participating convertible preferred shares of Arbutus (Preferred Shares) to Roivant Sciences Ltd. (Roivant) for gross proceeds to Arbutus of US$66.4 million (Tranche 2). 

Arbutus is a publicly-traded biopharmaceutical company dedicated to discovering, developing and commercializing a cure for patients suffering from chronic hepatitis B infection, a disease of the liver caused by hepatitis B virus. The company is developing a portfolio of drug candidates with complementary mechanisms of action. 

The Tranche 2 closing represents the second of two tranches of Preferred Shares issued to Roivant; together with the previously announced Tranche 1 closing on November 7, 2017, they comprise the previously announced US$116.4 million strategic investment by Roivant in Arbutus. 

Lawson Lundell LLP acted as lead Canadian counsel for Roivant with a team led by Valerie Mann and Crispin Arthur (corporate commercial). White & Case LLP acted for Roivant with a team comprised of Chang-Do Gong, Colin Diamond and Cecile Yang. 

Farris, Vaughan, Wills & Murphy LLP acted as corporate and lead Canadian securities counsel for Arbutus Biopharma Corp. with a team led by Hector MacKay-Dunn, QC, and Ronald Murray, and including Robert Veitch, Ronald Chin and Denise Nawata. Dorsey & Whitney LLP acted as US securities counsel to Arbutus Biopharma Corp., with a team led by Daniel Miller.