Hughes Hubbard Assists NYC Partnership in Amending Financing Facility for NY Genome Center

May 5, 2017 — Hughes Hubbard represented New York City Partnership Foundation Inc. (the Partnership Foundation) on a pro bono basis in amending a financing facility for New York Genome Center Inc. (Genome).
 
Under the original loan agreement entered into on November 21, 2012, the Partnership Foundation made a $5 million loan to Genome to support, in part, the build-out costs and initial operations of Genome's genomics research and related services.
 
Then, earlier this year, Genome entered into an agreement with an affiliate of Johnson & Johnson to develop and operate an "incubator" office and lab space for early-stage life science, biotechnology, medical device and medical consumer companies. In connection with that collaboration agreement, Genome requested an amendment to its original loan agreement to allow for a revised amortization schedule.
 
The HHR team advised the Partnership Foundation on the various considerations and drafting requirements for amending the loan agreement. The Partnership Foundation expressed deep gratitude for assistance on helping it reach a mutually beneficial agreement with Genome.
 
The Partnership Foundation is a not-for-profit corporation that invests in NYC-based ventures to create jobs and expand opportunities for the city's residents and neighborhoods and is affiliated with the Partnership Fund for New York City, which was founded by Henry Kravis in 1996. Genome is a not-for profit academic research organization at the forefront of transforming biomedical research and clinical care with the mission of saving lives.
 
M. Shams Billah and Brandon Gershowitz led the firm's efforts on this matter, which was referred to the firm through Candace Beinecke. Chuck Samuelson oversaw the matter.