JWCA advises Dicerna Pharmaceuticals on a non-dilutive capital raise through a sale of its global royalty on OXLUMO for up to $240 million

April 2021 | read press release

Transaction Background

Dicerna Pharmaceuticals, Inc. (“the Company”) hired J. Wood Capital Advisors as its Financial Advisor to advise on a capital raise based on the Company’s right to receive royalties from global net sales of OXLUMO

Objectives:

• Pull forward value and proceeds from a passive royalty stream

• Maximize near-term proceeds to continue supporting execution of its current clinical and operating plan

• Achieve competitive cost of capital and preserve flexibility for future financing

JWCA designed and ran a competitive process that could best help Dicerna achieve its objectives.  Upon obtaining terms from investors, JWCA:

• Analyzed various offers to help the Company select the proposal that best met its objectives

• Negotiated on Company’s behalf to improve valuation and transaction structure

Results

• Helped the Company to raise significant non-dilutive capital at a key pre-Phase 3-data stage, without adding debt or dilution, or entering into a partnership on its lead asset

• Achieved financing outcome that balanced the Company’s objectives, including maximizing near-term proceeds at a competitive cost of capital