DLA Piper advises Underwriters in Butterfly Network’s US$86.9 million Public Offering

DLA Piper advised TD Cowen, William Blair and Lake Street as bookrunners in the registered offering of 27,600,000 shares of Class A common stock of Butterfly Network, Inc., including 3,600,000 shares of Class A common stock sold pursuant to the underwriters’ option to purchase additional shares, at a public offering price of US$3.15 per share for gross proceeds of US$86.9 million, including the option exercise, which closed on January 31, 2025.

The issuer is a digital health company offering portable, semiconductor-based ultrasound technology, software, services and educational offerings. Butterfly Network intends to use the net proceeds from the offering to fund the development and commercialization of new and existing products and services, as well as for general corporate purposes.

“It was a pleasure to advise leading med tech underwriters in this important transaction for Butterfly and to be able to display the full suite of our team’s capital markets capabilities and life sciences industry experience,” said Josh Kaufman, the Co-Chair of DLA Piper’s Capital Markets and Public Company Advisory Group.

The DLA Piper team was led by partners Kaufman (New York/Miami) and Anna Spence (Raleigh/New York), and included corporate associates Bianca LaCaille (Seattle) and Alexander Grynszpan (New York), healthcare regulatory partner Jae Kim and intellectual property partner Bill Bartow (both in Philadelphia), tax partner Drew Young (New York), litigation partner Eric Forni (Boston), and FINRA of counsel Christine Lehr (Raleigh).

DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.

DLA Piper advises on all aspects of the life sciences sector, combining subject matter experience with considerable knowledge of the scientific, medical, regulatory, commercial and enforcement environments facing biopharmaceutical, medical device, research and diagnostics clients. Recognizing that clients’ needs vary, the firm rapidly organizes and customizes client service teams, whether for a large pharmaceutical company, a mid-sized medical device client or a development-stage biotech company.