The Firm represented the underwriters, led by J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Evercore Group L.L.C., in connection with a registered offering by OraSure Technologies, Inc. (“OraSure”) of 9,200,000 shares of OraSure’s common stock (including 1,200,000 shares issued pursuant to the exercise of the underwriters’ option to purchase additional shares) for net proceeds of approximately $94.9 million. OraSure intends to use the net proceeds of the offering to expand its manufacturing capacity for both existing and in-development products for use in testing for COVID-19, to fund the development, commercialization and manufacturing costs related to its products and for general corporate purposes, including strategic acquisitions and investments.
OraSure is a leader in the development, manufacture and distribution of rapid diagnostic tests, sample collection and stabilization devices, and molecular product and services solutions designed to discover and detect critical medical conditions. OraSure’s portfolio of products is sold globally to clinical laboratories, hospitals, physician’s offices, clinics, public health and community-based organizations, research institutions, distributors, government agencies, pharma, commercial entities and direct to consumers.
The Simpson Thacher team included Art Robinson, Jean Park, Ashley Yoon and Nicholas Halliburton (Capital Markets); Vanessa Burrows (Healthcare); Jon Cantor and Eli Shalam (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Lori Lesser and Alysha Sekhon (Intellectual Property); and Andrew Pagliughi (Blue Sky).