Tobin P. Sullivan

Principal

Tobin Sullivan is a versatile corporate and securities attorney who counsels growth equity and venture capital investors and growing life sciences and technology companies, ranging from start-ups to pre-IPO companies to global public companies, on a wide range of transactional and corporate law matters. With extensive experience in venture capital and late-stage, cross-over financings for life sciences, biotech and healthIT companies, he is described by clients as a highly responsive, strategic thinker who balances his strong market knowledge with practical business advice.

Tobin provides general corporate guidance on a variety of business matters, including venture capital and growth equity financings, national and cross-border mergers and acquisitions, corporate governance matters, public company reporting, and SEC compliance. His clients have included Bain Capital Life Sciences, Surveyor Capital (a Citadel company), Andreesen Horowitz, Sectoral Asset Management, Transformation Capital, Pegasystems, Forrester Research, Riverside Partners, Summit Partners, and M/C Partners.

Recognition

  • Massachusetts Super Lawyers Rising Star

Representative Engagements

Venture Capital & Private Equity Engagements:

  • Bain Capital Life Sciences’ growth equity investments in biotech companies, including:
    • Arcutis Biotherapeutics (Nasdaq: ARQT) - $95 million Series C financing
    • Aptinyx (Nasdaq: APTX) - $70 million Series B financing
    • Atea Pharmaceuticals - $215 million Series D financing
    • ViaCyte - $80 million Series D financing
    • JenaValve Technology - $50 million private financing
  • Transformation Capital’s growth equity investments in Health IT and healthcare services companies.
  • Surveyor Capital’s cross-over and venture capital investments in life sciences companies, including:

    • VelosBio - $137 million Series B financing

    • Allogene (Nasdaq: ALLO) - $120 million private financing

    • Zentalis Pharmaceuticals (Nasdaq: ZNTL) - $85 million Series C financing

    • NextCure (Nasdaq: NXTC) - $93 million Series B financing

    • Annexon Biosciences (Nasdaq: ANNX) - $100m Series D and $75 million Series C financings

    • SpringWorks Therapeutics (Nasdaq: SWTX) - $125 million Series B financing

    • Satsuma Therapeutics (Nasdaq: STSA) - $62 million Series B financing

    • AVROBIO (Nasdaq: AVRO) - $60 million Series B financing

    • Gossamer Bio (Nasdaq: GOSS) - $230 million Series B financing

    • Sutro Biopharma (Nasdaq: STRO) - $84 million Series E financing

    • Akouos (Nasdaq: AKUS) – $105 million Series B financing

    • ElevateBio - $170 million Series B financing

    • Praxis Precision Medicines - $110 million Series C financing

    • Pliant Therapeutics - $100 million Series C financing

    • Bolt Biotherapeutics - $93.5 million Series C financing

    • Athira Pharmaceuticals - $85 million Series B financing

    • Spruce Biosciences - $88 million Series B financing

    • Oncorus - $80 million Series B financing

  • Andreessen Horowitz’s venture capital investment in Ribbon Health.

  • M/C Partners’ carve-out acquisition of Ascend Technologies from West Monroe Partners.

  • Riverside Partners’ majority investment in 3Play Media.

  • Sectoral Asset Management’s growth equity investments in therapeutics companies, including:
    • Apellis Pharmaceuticals (Nasdaq: APLS) - $60 million Series E financing
    • Pipeline Therapeutics - $30 million Series B financing

Business & Technology Engagements:

  • Pegasystems Inc.’s (Nasdaq: PEGA) $600 million 144A convertible note financing.
  • General counsel to satellite broadband company, including advising on its $1+ billion equity financing led by SoftBank.
  • Datawatch Corporation’s (Nasdaq: DWCH) $176 million merger with Altair Engineering (Nasdaq: ALTR).
  • Examity Inc.’s $90 million growth equity investment from private equity firm Great Hill Partners.
  • BioRx’s $350 million sale to Diplomat Pharmacy (NYSE: DPLO).
  • Cyteir Therapeutics’ equity financing led by Venrock Partners, Celgene, Lightstone Ventures, and DROIA Oncology Venture.
  • Cosman Medical’s sale to Boston Scientific (NYSE: BSX).
  • FP Resources USA Inc.’s take-private acquisition of The First Marblehead Corporation (NYSE: FMD).
  • Datawatch Corporation’s (NASDAQ: DWCH) acquisition of Angoss Software Corporation.

Professional and Community Involvement

  • Corporate pro bono work for the Center for Women & Enterprise
  • Pro bono clients from the Lawyer’s Clearinghouse and Massachusetts Legal Clinic for the Homeless
  • Member of the Boston Bar and American Bar Associations
  • Member of Choate’s Hiring Committee

Education & Credentials

Northeastern University School of Law
JD, 2012
Staff Member, Northeastern University Law Journal
Cornell University
BS, 2007

Admissions

Massachusetts

Maine

Tobin's Insights

Publications 12.22.2020

New Stimulus PPP Package: What You Need to Know

Late on December 21, 2020, Congress passed its latest stimulus package. The bill expands the Paycheck Protection Program, which was originally established when the CARES Act was enacted earlier this year. Our Private Equity Group summarizes what you need to know about the new stimulus package, including changes for new and existing loans.

Choate Business Insights Podcast 08.24.2020

Deploying Capital with PIPEs

In the inaugural episode of the Choate Business Insights podcast series, John Pitfield, Dan Riley, and Tobin Sullivan discuss private equity investments in public companies through Private Investment in Public Equity (PIPE) transactions, including the current trends and structure of PIPE transactions.

Announcements 08.07.2020

Surveyor Capital Co-Leads Series B Investment in VelosBio

Choate represented Surveyor Capital (a Citadel company) as co-lead investor in the oversubscribed Series B financing round for VelosBio, a clinical-stage biopharmaceutical company committed to developing novel, first-in-class cancer therapies targeting receptor tyrosine kinase-like orphan receptor 1.

Publications 06.04.2020

Paycheck Protection Program Flexibility Act Gives Borrowers More Leeway

Just two months after the Paycheck Protection Program (“PPP”) began taking applications, the House and Senate have passed the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) aimed at smoothing the way for more borrowers to take advantage of PPP loans and loan forgiveness.

Publications 05.26.2020

Director Fiduciary Duties: Additional Risks in Times of Financial Distress

In the face of deteriorating financial conditions for a business, directors should revisit the fiduciary duties they owe to the business and be particularly attuned to the question of which parties are the proper beneficiaries of those duties.

Publications 05.26.2020

SBA Issues Additional Guidance on PPP Forgiveness and Review Processes

The Small Business Administration (SBA) continued its incremental rollout of guidance for borrowers under the Paycheck Protection Program (PPP), with two interim final rules issued on the eve of Memorial Day Weekend.

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