On July 21, 2025, SAB BIO (Nasdaq: SABS), a clinical-stage biopharmaceutical company developing therapies for delaying the progression of Type 1 diabetes (T1D) in newly diagnosed autoimmune T1D patients, announced that it had entered into a securities purchase agreement with certain institutional investors to raise $175 million upfront in gross proceeds in an oversubscribed private placement financing. Pursuant to the securities purchase agreement, the Company issued Series B nonvoting convertible preferred stock and also agreed to issue warrants to purchase additional shares of the Company’s Series B nonvoting convertible preferred stock for up to an additional $284 million in gross proceeds if exercised in full. 

The private placement included participation from investors RA Capital Management, Sanofi, Commodore Capital, Vivo Capital, Blackstone Multi-Asset Investing, Spruce Street Capital, Forge Life Science Partners and Woodline Partners LP, and existing investors Sessa Capital, the T1D Fund, and ATW Partners.

WilmerHale represented lead investor RA Capital Management in the financing, with a team led by Chris Barnstable-Brown and Scott Lunin and including Frank Wang.