Richard A. Silfen


  • Richard A. Silfen
  • Phone: +1 215 979 1225
    Fax: +1 215 827 5548

    Read Richard A. Silfen's blog Import to Address Book

  • Duane Morris LLP
    30 South 17th Street
    Philadelphia, PA 19103-4196

Richard A. Silfen regularly advises companies and their boards, as well as fund sponsors and their portfolio companies, in capital markets and other capital-raising transactions, mergers and acquisitions and control transactions.

Mr. Silfen also assists emerging and private equity-backed companies to develop plans for the growth and development of their businesses and technologies, including collaborative and strategic partnerships, and joint venture arrangements. Mr. Silfen's sectors of focus include healthcare/life sciences,  real estate, and financial technology (fintech).

Since 2009, during Mr. Silfen’s earlier tenure with Duane Morris, Chambers USA: America's Leading Lawyers for Business included him as one of the leading corporate lawyers in Pennsylvania. Mr. Silfen has been included in two categories of Chambers listings: Corporate/M&A & Private Equity and Corporate/M&A: Securities. Chambers further described Mr. Silfen as "a very smart lawyer." Mr. Silfen re-joined Duane Morris in June 2015, having served as executive vice president and general counsel of VEREIT, Inc. from March 2014 through May 2015.

Mr. Silfen is an Adjunct Professor at Drexel University Thomas R. Kline School of Law, where he teaches Private Equity and Venture Capital Law. He is a 1987 graduate of the University of Alabama School of Law and a 1983 graduate of Baylor University with a B.A. in Physics.

Areas of Practice

  • Corporate and Securities
  • Mergers and Acquisitions
  • Corporate Law

Representative Matters

    Mergers and Acquisitions

  • Represented Mid-Atlantic Topco LLC, operating as Mid-Atlantic Dental Partners, a dental support organization ("DSO") and portfolio company of private equity fund S.C. Goldman & Company, LLC, in its acquisition of Plano-based DentalOne Partners, one of the first and largest DSOs nationally with approximately 150 affiliated offices across 13 states, via the purchase of the equity interests in its operating subsidiaries from Dental Investments, LLC; Mid-Atlantic Dental Partners now operates more than 240 affiliated offices in 18 states.
  • Represented Catalent Biologics’ (NYSE: CTLT) Paragon Gene Therapy unit, the leading viral vector development and manufacturing partner for gene therapies, in its acquisition of manufacturing equipment and related assets from, and strategic partnership with, Novavax, Inc. (NASDAQ: NVAX), a late-stage biotech company developing next-generation vaccines for infectious diseases; the transaction expands Paragon’s gene therapy business and offers Novavax a cost-effective solution to its manufacturing needs.
  • Represented iAnthus Capital Holdings, Inc. (CSE: IAN; OTCQX: ITHUF) in its acquisition of CBD For Life, a top-ranked producer of innovative CBD-infused wellness, self-care, and beauty products.
  • Represented Catalent, Inc. (NYSE: CTLT), a drug delivery technology company, in its $140 million all cash acquisition via tender offer of Juniper Pharmaceuticals, Inc. (NASDAQ:JNPR), including its U.K.-based Juniper Pharma Services division.
  • Represented the special committee of the Board of Directors of JAVELIN Mortgage Investment Corp. (NYSE: JMI) in a $900 million merger in which ARMOUR Residential REIT, Inc. (NYSE: ARR) acquired JAVELIN through a cash tender offer followed by an intermediate form merger.
  • Represented NYX Gaming Group Ltd. (TSXV-NYX), a digital gaming software company, in connection with its US$631 million acquisition by Scientific Games Corporation (NASDAQ: SGMS), a global leader in technology-based gaming systems, to create a digital gaming and lottery powerhouse.
  • Represented Quest Diagnostics in the sale of a stream of royalty revenue from commercialization of the drug candidate Ibrutinib to Royalty Pharma for $485 million in cash.
  • Represented Mid-Atlantic Dental Partners, a dental support organization and portfolio company of S.C. Goldman & Company, LLC, a single family office, in its approximately $40 million “take private” acquisition of Birner Dental Management Services, Inc. (OTCQX: BDMS).
  • Advised Boyd Gaming Corporation (NYSE: BYD), a U.S. gaming and hospitality company based in Paradise, Nevada, in connection with its approximately $285 million acquisition of Valley Forge Casino Resort.
  • Represented Unilife Corp. (NASDAQ: UNIS / ASX: UNS), a developer, manufacturer, and supplier of injectable drug delivery systems, in connection with the sale, through Chapter 11 bankruptcy, of substantially all of its assets to an affiliate of OrbiMed Advisors LLC, a leading investment firm focused on healthcare, and Amgen Inc., (NASDAQ: AMGN), a leading biotechnology company that discovers, develops, manufacturers and delivers human therapeutics for patients with serious illnesses.
  • Advised Cole Corporate Income Trust, Inc. in connection with its $3.1 billion cash election merger in which it was acquired by Select Income REIT (NYSE: SIR).
  • Represented VEREIT, Inc. (NYSE: VER) a NYSE-traded REIT, in a merger transaction valued at $3.1 billion to acquire American Realty Capital Trust IV, Inc., a "non-traded" REIT. The combined company as a result of the merger had pro forma enterprise value of $10 billion.
  • Represented Unilife Corp. (NASDAQ: UNIS / ASX: UNS) in connection with its announced effort to seek strategic alternatives, culminating in a strategic collaboration with Amgen Inc. (NASDAQ: AMGN) for Unilife’s wearable injectable drug delivery systems to use with Amgen’s biologics and other medicines. The deal provided Unilife with investments of up to $90 million from Amgen and restructured Unilife’s existing debt facility with a fund sponsored by OrbiMed Advisors LLC.
  • Represented VEREIT, Inc. (NYSE: VER) a NYSE-traded REIT, in a merger transaction valued at $3.2 billion to acquire American Realty Capital Trust III, Inc., a "non-traded" REIT. The combined company as a result of the merger had pro forma enterprise value of $10 billion.
  • Represented stockholders of Topaz Pharmaceuticals, Inc. in its sale to Sanofi-Pasteur, the vaccines unit of French pharmaceutical company Sanofi-Aventis, in advance of the FDA's approval of the Pennsylvania biopharmaceutical company's new drug application for Sklice lotion, an ivermectin-based topical treatment.
  • Represented FMC Corp. (NYSE: FMC), a leading global chemicals company, in its multinational acquisition of the assets of Adventus Group, including patents and intellectual property related to bioremediation technology for chlorinated organic compounds, pesticides and hazardous metals, from two private equity firms. The consideration provided in connection with the acquisition was not disclosed.
  • Represented Orthovita, Inc., a NASDAQ-traded specialty spine and orthopedic company with a portfolio of orthobiologic and biosurgery products, in its agreement to be acquired by Stryker Corp. for $316 million through a cash tender offer followed by a second-step merger.
  • Advised the special committee of the board of directors of a NASDAQ-traded global manufacturer, marketer and distributor of consumer products on a strategy that defeated a hostile-takeover effort by activist fund La Grange Capital Partners, LP. The strategy included the board's adoption of a "poison pill" that contained a novel feature requiring that any poison-pill-related matters following a change of control be approved by shareholders representing a "majority of the minority."
  • Represented a leading NYSE-traded international real estate investment trust (REIT) in its efforts to make an approximately $2.5 billion cash acquisition of a NYSE-traded industrial REIT.
  • Represented a NYSE-traded specialty REIT in its formation and approximately $70 million private equity capital raise to fund its launch and initial acquisitions of properties.
  • Capital Markets Transactions

  • Represented Stonemor Partners (NYSE: STON), a leading owner/operator of cemeteries and funeral homes in multiple states and Puerto Rico, in its $447.5 million recapitalization transaction, consisting of a $385 million private placement of 9.875% Senior Secured PIK Toggle Notes to various noteholders and concurrent private placement of $62.5 million of liquidation value of Series A Convertible Preferred Units of the Partnership to Axar Capital Management.
  • Represented UL Holdings, the owner of UrbnLeaf, a cannabis business based in San Diego, California, in its offering of Series A Preferred Stock to investors, as well as the issuance of certain Convertible Promissory Notes.
  • Advised operating partnership of VEREIT, Inc. in connection with issuance of $2.55 billion principal amount of 144A-issued debt securities, issued in three tranches, in an exchange transaction registered under the Securities Act of 1933.
  • Represented J.P. Morgan, and its co-lenders Winthrop Capital Partners and Witkoff Group, as first lien lenders in its $285 million debt restructuring and equity transfer involving the Ocean Resort Casino, a casino hotel located in Atlantic City, New Jersey.
  • Represented National Securities Corporation as sole book-runner in an underwritten public offering by Marrone Bio Innovations, Inc., a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets. The offering settled at net proceeds of $13.8 million.
  • Represented Diamond Offshore Drilling, Inc. (NYSE: DO) in the $1 billion public offering of its senior notes.
  • Represented Talentify, Inc., a digital recruiting platform, in the private placement of Series A Preferred Stock to a strategic investor.
  • Represented affiliates of American Energy Partners, LP in a private equity-backed equity investment of approximately $1.7 billion, including a subordinated debt investment of $450 million. The investment proceeds will be used to acquire and develop energy assets.
  • Represented Taiwan-based Cathay Securities Corporation as underwriter and co-manager in the $884 million initial public offering of American Depository Shares of Singapore-based Sea Limited (NYSE: SE), a provider of digital entertainment, e-commerce and financial services platforms.
  • Represented Lehigh Gas Partners LP, a wholesale motor fuel distributor now known as CrossAmerica Partners LLP, in connection with its $138 million IPO.
  • Represented pharmaceutical, biopharmaceutical and biotechnology companies in securities offerings raising in excess of $5 billion of debt, equity and convertible securities, including senior debt, mezzanine and other subordinated debt, securities issued in connection with derivative trading strategies and equity-linked securities, in registered and private transactions.
  • Represented a NYSE-traded suburban office and industrial REIT in public offerings of common shares, preferred shares and debt securities raising in excess of $5 billion.
  • Represented a NYSE-traded specialty REIT focused on student housing and military housing in its approximately $350 million initial public offering.
  • Represented a NASDAQ-traded biomaterials company in an approximately $35 million investment by a private equity group.
  • Represented a NYSE-traded mid-Atlantic-based suburban office REIT in securities offerings of common shares, preferred shares and debt securities raising in excess of $300 million.
  • Represented the founder and controlling stockholder of a NYSE-traded REIT specializing in the ownership and operation of neighborhood and community shopping centers in its initial public offering raising approximately $450 million.
  • Represented a NYSE-traded owner and operator of one of the largest independent refined petroleum products pipeline systems in the United States in its 144A offering $150 million of notes.
  • Represented a NYSE-traded, leading provider of water and wastewater utility services throughout the United States in registered securities offerings raising in excess of $300 million.
  • Represented a NASDAQ-traded owner and operator of private schools in connection with investments made by a private equity group and efforts to restructure the PEG investment.


  • Pennsylvania
  • Florida


  • The University of Alabama School of Law, J.D., 1987
  • Baylor University, B.A. (Physics), 1983


  • Duane Morris LLP
    - Partner, 2007-2014, 2015-present
  • VEREIT, Inc. 
    - Executive Vice President, General Counsel and Secretary, 2014-2015

  • Cangen Biotechnologies, Inc.
    - President and Chief Financial Officer, 2004-2006
  • Morgan, Lewis & Bockius LLP
    - Partner, 2000-2004
  • Wolf, Block, Schorr and Solis-Cohen LLP
    - Vice Chairman, Corporate Department, 1999-2000
    - Partner, 1996-2000
  • Securities & Exchange Commission, Division of Corporation Finance, 1987-90
    - Staff Attorney, Office of Chief Counsel and Office of Mergers and Acquisitions (then called Office of Tender Offers)

    - Attorney-Adviser, Disclosure Operations Office

Honors and Awards

  • Rated as "Highly Regarded" for Capital Markets: Debt and Capital Markets: Equity by IFLR1000, 2019

  • Listed in Chambers USA: America's Leading Lawyers for Business, 2009-2013
  • Listed in Pennsylvania Super Lawyers, 2011-2012
  • AV Preeminent® Peer Review Rated by Martindale-Hubbell®

Board Memberships

  • GMH Communities Trust (sold in two separate transactions to American Campus Communities, Inc. (NYSE: ACC) and Balfour Beatty plc (LSE: BBY) in 2008.)
    - Chairman, Nominating and Governance Committee of Board of Trustees
    - Chairman, Special Committee of the Board of Trustees, 2006
    - Chairman, Nominating and Governance Committee of the Board of Trustees, 2004-2008
    - Member, Audit Committee of the Board of Trustees, 2004-2008

Professional Activities

  • Adjunct Professor, Drexel University Thomas R. Kline School of Law, Private Equity and Venture Capital Law, 2017-present

Selected Publications

Selected Speaking Engagements

  • Speaker, "How Private Equity Is Tapping New Capital Sources: Non-Listed REITs & Retail Alternative Investments," IMN 16th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing, Laguna Beach, CA, January 17, 2019

  • Speaker, Donnelley Financial Solutions Corporate Securities Forum, Philadelphia, 2017-2019

  • Moderator, “Seeking and Embracing Emerging Opportunity – The Where and The How,” Global REITs Summit 2018: Listed, Non-Traded & Private REITs, September 5, 2018

  • Moderator, "Portfolio Management - Lucrative New Areas For REITs Investment," iGlobal REIT Summit, New York, February 8, 2017
  • Speaker, RR Donnelley's SEC Hot Topics Institute, Philadelphia, Pennsylvania, 2011-2013, 2015 and 2016

  • Speaker, Strafford Publications' "Going Private Transactions: Deal Structure Considerations, SEC Disclosure Obligations, Fiduciary Duties and More," October 15, 2015
  • Discussion Leader for Roundtable: "Public Non-Listed REITs," REITWise 2014, NAREIT's Law, Accounting & Finance Conference, April 4, 2014
  • Speaker, "Navigating Today's REIT Terrain: What Lies Ahead?," Global REIT Summit 2013, New York City, October 2, 2013
  • Moderator, "Biotech Perspective's on Key Considerations for Structuring a Winning Deal" panel, Pharmaceutical Collaboration and Transaction Accounting Conference, September 18, 2007