Walkers Acts for ProKidney on US$597 million Business Combination with Social Capital Suvretta Holdings Corp. III

Walkers is pleased to announce it has acted as Cayman Islands and Bermuda counsel to revolutionary chronic kidney disease therapeutics company ProKidney on its business combination with Social Capital Suvretta Holdings Corp. III ("Social Capital"). The post-combination entity will continue as ProKidney Corp. and its Class A ordinary shares commenced trading on the Nasdaq Capital Market under the symbol “PROK” on July 12, 2022. As a result of the business combination, ProKidney received total gross proceeds of approximately US$597 million.

ProKidney, a pioneer in the treatment of chronic kidney disease through innovations in cellular therapy, was founded in 2015 after a decade of research. ProKidney’s lead product candidate, REACT™ (Renal Autologous Cell Therapy), is a first-of-its-kind, patented disease-modifying autologous cellular therapy with the potential to not only slow and stabilize the progression of chronic kidney disease, but in some cases drive meaningful improvement in kidney function.

ProKidney intends to use the proceeds received from the transaction to continue accelerating the development of its lead autologous cell therapy candidate, REACT™, which is currently being evaluated in multiple Phase 2 and 3 clinical trials as a treatment for late-stage diabetic chronic kidney disease approaching kidney failure.

Walkers (Cayman) LLP worked in concert with Davis Polk & Wardwell LLP, Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. and Akin Gump Strauss Hauer & Feld LLP as US counsel and Matheson as Irish counsel to ProKidney. The Walkers team was led by partner Tim Buckley with a team comprising Regulatory and Risk Advisory partner Tony de Quintal, senior counsels Adeola Adeyemi and Brett Basdeo as well as associates Jennifer Sangaroonthong, Niloofar Entezari, Simon Luther and Alexandra Franklin. Walkers (Bermuda) Limited was led by partner Jonathan Betts with assistance from associate Malacia Madden.

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