Heyward Armstrong joined Smith Anderson in July 2006, where his practice focuses on corporate and securities law, including advising companies and their officers and directors on public company securities compliance, public and private offerings, mergers and acquisitions, divestitures and corporate governance matters. These matters involve a variety of industries, including a focus on the pharmaceutical, biotech and other life sciences areas. Heyward co-leads Smith Anderson’s Public Companies practice group.
Before joining Smith Anderson, Heyward practiced law at an international law firm in London, England, where his practice focused on advising U.S. and non-U.S. private investment funds and fund managers on a broad range of legal issues arising under U.S. federal and state securities laws and regulations.
Before working in London, Heyward clerked for the Honorable James A. Beaty, Jr., United States District Judge for the Middle District of North Carolina.
While in law school, Heyward interned with the U.S. Securities and Exchange Commission’s Division of Enforcement, where he assisted in cases involving accounting fraud, insider trading and other securities law violations.
Prior to attending law school, Heyward was employed as a Senior Accountant with a global accounting firm in Raleigh, N.C., in its Assurance and Advisory Business Services group, where he supervised the planning and completion of audits of a number of public and private companies. He is licensed as a Certified Public Accountant.
Professional & Community Affiliations
- American Institute of Certified Public Accountants
- North Carolina Association of Certified Public Accountants
- North Carolina Bar Association
- Member and Past Chair, Symposium Conference Committee, North Carolina Association of Certified Public Accountants
- Graduate of the Greater Raleigh Chamber of Commerce 30th Class Leadership Raleigh Program (2015)
- Member, Board of Directors, and Treasurer, The Center for Volunteer Caregiving
- Former Member, Finance Committee, Hudson Memorial Presbyterian Church
Honors & Awards
- "Rising Star," IFLR1000: The Guide to the World's Leading Financial Law Firms, M&A (2018-2021)
- Silver Medal, North Carolina CPA exam, May 1998
- Represented a Nasdaq-listed bank holding company in a public offering of subordinated notes for aggregate proceeds of $350 million.
- Represented a Nasdaq-listed bank holding company in a public offering of depositary shares representing interests in preferred stock for aggregate proceeds of $345 million.
Advised a company specializing in video game and software development in a definitive agreement to acquire a company that developed a presence-based social networking platform connecting users online through live video on mobile and desktop apps.
Advised a private equity fund in its acquisition of a leading provider of staffing resources to the biotechnology, pharmaceutical and medical device companies for clinical trial needs.
Represented a leading genome editing company dedicated to improving life in its $145.4 million initial public offering of 9,085,000 shares of common stock at a public offering price of $16.00 per share.
Representation of a sports blockchain start-up in the launch of the first initial coin offering (ICO) pre-sale on Indiegogo's and MicroVentures’ joint global ICO platform and its ongoing preparation for the planned launch of its public utility token offering.
- Advised a multinational Fortune 500 provider of product development and integrated healthcare services in its merger with a NYSE-listed global information and technology services company, creating a leading information and tech-enabled healthcare service provider. The equity market capitalization of the joined companies was more than $17.6 billion at closing.
- Represented a global solid state LED lighting and semiconductor manufacturing company in connection with its announced agreement for its $850 million sale of assets to a publicly traded German semiconductor company. The transaction was terminated before completion due to regulatory considerations.
- Represented a NYSE-listed energy company in a strategic alliance with an on-site power generation systems company to integrate an energy platform with smart storage solutions, including an initial 50 megawatt project involving distributed generation systems at over 150 sites.
- Represented an international health care group and its U.S. specialty pharmaceutical company subsidiary in obtaining multinational rights to three cardiovascular drugs from a large public pharmaceutical company for $264 million in cash at closing, up to $480 million in milestone and royalty payments, and the assumption of up to $50 million in milestone payment obligations.
- Represented a global provider of biopharmaceutical development services and commercial outsourcing services in its $1.1 billion initial public offering and listing on the New York Stock Exchange and subsequent secondary offerings totaling approximately $3 billion.
- Advised a semiconductor and LED company on the divestiture of its lighting products business unit for an initial cash payment of $225 million plus the potential to receive an earn-out payment based on the business’s post-closing performance.
- Represented a public specialty pharmaceutical company in its $150 million acquisition of a private specialty pharmaceutical company.
- Represented an international healthcare group in the acquisition of multinational product rights from a large public pharmaceutical company for an upfront payment of $72.2 million, with additional milestone payments based on sales targets.
- Advised a UK-based drug development services organization in its acquisition of an expert clinical pharmacology business.
- Advised a UK-based drug development services organization in the acquisitions of multiple pharmaceutical contract development and manufacturing organizations.
- Assisted a global pharmaceutical contract manufacturing and development company with its $30 million subscription rights offering.
- Advised a private equity fund on the acquisition, equity and debt financing of a reference laboratory.
- Represented a leading provider of open source enterprise IT products and services in its acquisition of a provider of open source integration and messaging.
- Represented a global financial services technology company in its acquisition of a leading provider of deal analytics and valuation technology.
- Represented a global solid state LED lighting and semiconductor manufacturing company in connection with its $525 million stock acquisition of a manufacturer and distributor of commercial lighting products.
- Assisted a global pharmaceutical contract manufacturing and development company with the registration of its shares under the Securities Exchange Act.
- Represented a global provider of biopharmaceutical development services and commercial outsourcing services with its $525 million offering of senior notes and a related holding company reorganization and spinoff of a subsidiary to its shareholders.
- Represented a private specialty pharmaceutical company in its reverse merger acquisition of a Nasdaq-listed specialty pharmaceutical company.
- Advised a specialty pharmaceutical company in the sale of a subsidiary to and its investment in a privately held specialty pharmaceutical company.
- Represented a global provider of biopharmaceutical development services and commercial outsourcing services in connection with a private equity transaction that reconstituted the company’s ownership and provided liquidity to its existing security holders.
- Represented a leading supplier of aggregates and heavy building materials in its $420 million sale of its California cement business.
- Advised a U.S. subsidiary of an international health care group in an agreement to acquire rights to certain intellectual property and know-how relating to a cardiovascular therapeutic product.
News & Publications
- Smith Anderson’s M&A and Finance Practices and Five Lawyers Ranked by IFLR1000: The Guide to the World’s Leading Financial Law FirmsIFLR: 1000 The Guide to the World’s Leading Financial Law Firms, 10.01.2020
- IFLR1000: The Guide to the World’s Leading Financial Law Firms Ranks Smith Anderson’s M&A and Finance Practices and Four Lawyers06.10.2019
- Partner Heyward Armstrong Explores Synergies between Accounting and Law with Triangle Business JournalTriangle Business Journal, 03.01.2019
- Smith Anderson Named a Tier 1 M&A Firm in IFLR1000: The Guide to the World’s Leading Financial Law Firms08.30.2018
- Smith Anderson Clients Southern Company and PowerSecure Announce Strategic Alliance with Bloom Energy11.07.2016
- Smith Anderson Advises Chiesi in Transaction to Acquire Three Cardiovascular Hospital Products for up to $792 Million06.22.2016
- Smith Anderson Advises Chiesi in Agreement to Acquire Three Cardiovascular Hospital Products for up to $792 Million05.12.2016
- Heyward Armstrong Partners with PricewaterhouseCoopers to Present on the New Revenue Recognition Standards09.04.2014
- Smith Anderson Represents General Parts International in $2.04 Billion Merger with Advance Auto Parts03.18.2014
- SEC Adopts Significant Amendments to Improve Financial Disclosures Regarding Business Acquisitions and Dispositions06.25.2020
- Another Tool in the Toolbox – Delaware Approves “Federal Forum Provisions” For Stockholder Securities Claims03.26.2020
- Smith Anderson’s M&A and Finance Practices and Four Lawyers Ranked in IFLR1000: The Guide to the World’s Leading Financial Law Firms11.14.2019
- SEC Issues New Guidance on Pay Ratio Rule, Emphasizing “Flexibility” of Median Employee Pay Calculation10.06.2017
- Public Companies Take Note: SEC Launches Enforcement Initiative Targeting Section 16 and Other Shareholder Filings09.23.2014
In re Estate of Lunsford and Statutory Ambiguity: Trying to Reconcile Child Abandonment and the Interstate Succession Act, 81 N.C. L. REV. 1149 (2003), which has been cited approvingly by the North Carolina Court of Appeals and the North Carolina Supreme Court
- Co-Presenter, "2019 Public Companies Update," Durham, N.C.09.2019
- Co-Presenter, "Preparing for the Upcoming 10-K and Proxy Season," Securities Law Breakfast Series, N.C. Biotechnology Center, Durham, N.C. and Smith Anderson Offices, Raleigh, N.C.11.2018
- Co-Presenter, "Managing and Capitalizing on Growth as a Public Company," Securities Law Breakfast Series, Raleigh, N.C.06.2018
- Co-Presenter, "Preparing for the Upcoming 10-K and Proxy Season," Securities Law Breakfast Series, N.C. Biotechnology Center, Durham, N.C. and Smith Anderson Offices, Raleigh, N.C.11.2017
- Panelist, "Corporate Governance Communications Strategies for Shareholder Engagement," Proxy Statement Interactive Seminar, Raleigh, N.C.11.2017
- Co-Presenter, "Is Going Public in Your Future?" Securities Law Breakfast Series, N.C. Biotechnology Center, Durham, N.C.09.2017
- Co-Presenter, “Are You a Newly Public Company?" Securities Law Breakfast Series, N.C. Biotechnology Center, Durham, N.C.09.2017
- "Using Non-GAAP Financial Measures," Securities Law Breakfast Series, N.C. Biotechnology Center, Durham, N.C. and Smith Anderson Offices, Raleigh, N.C.05.2016
- "Accounting 101 for In-House Lawyers," North Carolina Bar Association 2016 Corporate Counsel Section Annual Meeting, Cary, N.C.01.2016
- New Revenue Recognition Roundtable, Renaissance Raleigh North Hills Hotel, Raleigh, N.C.09.2014
Bar & Court Admissions
- North Carolina
University of North Carolina, J.D., high honors, 2003
- Executive Articles Editor, North Carolina Law Review
- Staff Member, North Carolina Law Review
- Order of the Coif
Wake Forest University, M.S. in Accountancy, 1998
Wake Forest University, B.S. in Accountancy, magna cum laude, 1998
- Clerked for the Honorable James A. Beaty, Jr., United States District Judge for the Middle District of North Carolina