Shipman & Goodwin represented Lesro Industries, Inc., a family-owned Connecticut manufacturing company in connection with the financing of the largest solar project financed by the Connecticut Green Bank’s, Commercial Property Assessed Clean Energy (C-PACE) program. With approximately 3,200 solar panels installed on the roof of the company’s headquarters, Lesro expects to save approximately $30,000 in utility costs per year. In addition to no upfront costs to Lesro, the Company was also able to include certain roof upgrades in the project financing while still achieving significant energy cost savings and stable electric pricing over the next twenty years.
Appellate Practice Chair Patrick M. Fahey won a significant victory in Connecticut Appellate Court for a large community bank. The bank was in a long-standing dispute with a borrower seeking to avoid foreclosure on undeveloped property that was given as security for a substantial loan. The Appellate Court’s decision upholds the lower court’s judgment after a trial that title to the property should be transferred to the bank and clears the way for our client to pursue the debt on which the borrower defaulted.
Represented HighCape Partners in connection with the formation and financing of Aziyo Biologics, Inc., a regenerative medicine company, and the acquisition of Tissue Banks International’s musculoskeletal tissue division. Aziyo develops and delivers customized tissue products for use in orthopedic, spinal, sports medicine and dermal applications.
Secured a victory in Tilcon Connecticut, Inc. v. Commissioner of Environmental Protection on behalf of our client, a leading supplier of quality earth materials. The Connecticut Supreme Court’s ruling prohibits the Department of Energy & Environmental Protection from using applications filed under the state’s Water Diversion Policy Act as a basis to inquire into activities that are not related to the activity for which a permit is required. This important clarification has the potential to benefit all businesses subject to Connecticut environmental regulation.
Shipman & Goodwin represented Arvinas, a private biotechnology company, in connection with its Series B financing round of $41.6 million. Over the past month, Arvinas has been recognized as a Fierce 15 company, signed up Genentech as its second marquee collaborator and now has garnered this $41.6 million Series B round to continue its pipeline development work.
Representing Hubbell Incorporated, an international electrical and power systems manufacturer, in a plan to reclassify two classes of common stock into a single-class share structure. The proposed reclassification includes repurchase authorization of approximately $400 million worth of stock. Completion of the reclassification also involves shareholder approvals, amendments to the company’s governing documents and SEC registration.
Represented Canaan Partners as a lead investor in successfully closing a $40 million Series C financing for Protagonist Therapeutics, Inc., a biotechnology company. The investment will fund continued advancement of the company’s oral peptide drugs for inflammatory bowel disease and other gastrointestinal diseases and disorders into clinical development.
We represented A.H. Harris & Sons, Incorporated in a significant recapitalization transaction, including restructuring the company’s equity and debt, with leading private equity firm, Frontenac. The transaction involved a cross-disciplinary team of attorneys practicing various aspects of business, environmental, tax and employee benefits law.
Represented Clean Energy Finance and Investment Authority (CEFIA — "CT Green Bank") in developing and closing a unique financing structure for its Commercial Property Assessed Clean Energy (C-PACE) program. The financing transaction will fund up to $30 million of C-PACE benefit assessments.
Represented CyVek, Inc., a biotechnology company dedicated to the advancement of healthcare by empowering researchers and clinicians with a disruptive technology for performing multi-analyte immunoassays, in a strategic transaction with Techne Corporation (NASDAQ: TECH). The transaction included a $10 million equity investment in CyVek and, if certain commercial milestones are satisfied by CyVek, a binding obligation by Techne to acquire CyVek for an additional $60 million plus revenue-based earn-out payments.
Our team of environmental lawyers successfully represented Exide Group, Inc. in gaining approvals from federal, state and town agencies to remediate contaminated river sediments and adjacent real property. This critical phase included facilitating consensus on a plan to implement a state-of-the-art removal action for lead-contaminated sediments.
We proudly represented our client Arvinas, Inc. in connection with its license of technology from Yale University and its recent financing. Arvinas is developing protein degradation technology for a new class of drugs to treat cancer. Funding included $15.25 million in Series A financing from co-lead investors Canaan Partners and 5AM Ventures, along with Connecticut Innovations and Elm Street Ventures. The Connecticut Department of Economic and Community Development also provided financial support to Arvinas.
A team of business and bankruptcy lawyers successfully completed and closed a Section 363 Sale in a Chapter 11 case recently filed in the US Bankruptcy Court for the District of Connecticut for our client, AGC Incorporated, an aviation component manufacturer. Despite the number and complexity of issues involved, the Bankruptcy Court approved the sale in just 34 days.
Shipman & Goodwin represented the Capital Region Development Authority (CRDA) in its assumption of control and operation of both Rentschler Field and the XL Center and the arrangements for management of both facilities by Global Spectrum. Rentschler Field is home to UConn’s football program, and the XL Center hosts UConn men’s and women’s basketball and the American Hockey League franchise to be renamed the Hartford Wolf Pack.
A diverse team of real estate, public finance, environmental and business lawyers represented a state university health center in the negotiation and structure of a $203 million financing to construct a state-of-the-art ambulatory care center on its campus.
Shipman & Goodwin is helping Chinese life sciences, biotechnology, pharmaceutical, medical device, biologic and traditional Chinese medicine companies who are choosing to do business in the United States.
Shipman & Goodwin represented a joint venture of three nationally recognized real estate private equity funds in the negotiation of an $81 million refinance of a mortgage loan secured by a campus of waterfront Class A office buildings.
Represented multi-billion-dollar global venture capital fund in a $41 million Series B Preferred Stock financing of an innovative biotech company that is developing highly targeted antibody therapeutics.
Shipman & Goodwin represented Candlewood Investment Group in connection with the formation of a second 'mini-master' fund.
Our attorneys negotiated contribution and joint venture agreements which resulted in the development of an $18.6 million parking facility located near Denver International Airport.
Michael Widland successfully guided Stamford Center for the Arts through bankruptcy protection and reorganization to become fiscally viable.
Shipman & Goodwin has been asked by the State Department of Education to provide guidance to local and regional school districts on best practices in implementing the new bullying statute.
We represent Vesselon, Inc., a Connecticut-based company developing one of the world’s first portable devices for the immediate treatment of ischemic stroke. Our attorneys handled Vesselon’s Series A Preferred Stock financing and utilized the new Rule 506(c) as part of the deal.
Whether a policyholder may assign policy rights without its insurers' consent is an issue being litigated in forums across the country, and the appeal has national importance for insurance companies and for our client, The Hartford. The ruling represents an important victory in hotly contested litigation.
We successfully closed a significant refinancing of an existing senior credit facility for Numet Machining Techniques Inc., a self-release Tier 1 provider of major rotating parts to General Electric Aviation, Pratt & Whitney, and the U.S. Department of Defense.
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