DLA Piper represented SoftBank Group International, the investment arm of Tokyo-based telecommunications and internet company Softbank, in connection with its US$360 million Series E investment and associated joint venture into Guardant Health, a Silicon Valley-based world leader in comprehensive liquid biopsies.
Founded in 2011, Guardant Health is focused on conquering cancer by using its breakthrough blood-based assays, vast data sets, and advanced analytics. Using both molecular and digital tools, Guardant Health addresses challenges across the cancer care continuum and has raised more than $500 million to date from leading investors including Softbank, Sequoia Capital, Khosla Ventures, Lightspeed Ventures, OrbiMed and Osage Partners.
The proceeds from the equity investment will be used to help Guardant Health achieve its newly announced goal of sequencing the cancer tumor DNA of more than 1 million cancer patients within five years and employ that data to fuel fundamental advancements across the continuum of cancer care and accelerate the development of blood-based tests for early cancer detection.
Brian Wheeler and Mark Thom led the legal team at SoftBank Group International. The DLA Piper team representing SoftBank Group was led by partner Louis Lehot (Silicon Valley) and included partners Shane Albright, Brandee Fernandez and Anil Kalia (all Silicon Valley), Erica Pascal (San Francisco), and associates Nicole Hatcher and Anton Ziajka (both Silicon Valley) and Ian Hlatky (Los Angeles).
This is the latest deal DLA Piper has handled on behalf of SoftBank Group, having represented the company in connection with its leading role in the US$130 million Series B funding of Zymergen, a Silicon Valley-based bioengineering startup.
DLA Piper's global life sciences lawyers work across practice areas and offices to support biotechnology and medical device clients at every stage of growth, from startups to fast-growing and mid-market businesses to mature global enterprises. In 2015 and 2016, Global Corporate Venturing magazine named DLA Piper "Corporate Venture Firm of the Year" for its global practice dedicated to corporate venture capital and emerging growth companies. Last year, according to Mergermarket's league tables for legal advisors, DLA Piper again earned the top ranking globally for overall deal volume.
