Sidley advised Outset Medical Inc. (NASDAQ: OM), a private equity-backed medical technology company focused on an innovative dialysis solution, in connection with its initial public offering, which was upsized to nearly US$278 million (including green shoe). Outset Medical sold 8.95 million shares in the offering at US$27 per share, pricing well above its disclosed range of US$22 to US$24 per share, and more than doubling in price in subsequent trading on NASDAQ. The transaction ranks among the largest recent medical technology company initial public offerings.
The Sidley team was led by Global Life Sciences partner Frank Rahmani (Palo Alto and San Francisco) and Capital Markets partner Rob Ryan (New York), and associates Helen Theung, Nick DeAngelis, and BinQuan Zhuang (each Palo Alto). Other critical support was provided by Regulatory partners Torrey Cope (Washington, D.C.), Donielle McCutcheon (Chicago), Colleen Brown (Washington, D.C.), and associates Brigid DeCoursey Bondoc (Washington, D.C.), Kat Makielski (alumni), Corbin Santo (Chicago), and Megan Svedman (Washington, D.C.); Technology and IP Transactions partner Joshua T. Hofheimer (Los Angeles and Palo Alto); Executive Compensation and Benefits partner Corey Perry (Chicago) and associate Richard Schneider (Chicago); Securities Enforcement and Regulatory (Section 13/16) partner Katie Klaben (Washington, D.C.), associate Erica Robertson (Washington, D.C.), and staff attorney Alyssa Locnikar (Washington, D.C.); Tax partner Rachel Kleinberg (Palo Alto) and associate Kimberly Goldman (Los Angeles); Securities Enforcement and Regulatory counsel (SEC matters) Sara von Althann (Washington, D.C.); and Securities Enforcement and Regulatory counsel (FINRA matters) Benjamin Nager (New York).