In an attempt to facilitate capital raising, the SEC announced that it was expanding the ability of issuers to submit draft registration statements for confidential review by the staff. Historically, this procedure was mostly...more
3/12/2025
/ Confidential Documents ,
Corporate Governance ,
Disclosure Requirements ,
Form S-1 ,
Initial Public Offering (IPO) ,
Life Sciences ,
Registration Statement ,
Required Forms ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Shelf Registration
Life sciences M&A comes with unique challenges that require thoughtful and creative structuring. Bridging valuation gaps between buyers and sellers and navigating regulatory scrutiny need careful planning....more
Various biotech companies have completed or launched their IPOs so far in 2025. As of early February, five sizeable life sciences companies have priced their IPOs and one has filed to go public soon. ...more
The outlook for life sciences IPOs is showing renewed optimism heading into 2025, with market conditions becoming more constructive and regulatory environments potentially more favorable....more
For publicly traded biotech companies, disclosing clinical trial data can be an exciting milestone as you build towards an exit or public offering—but disclosure is a double-edged sword....more
1/6/2025
/ Capital Raising ,
Clinical Trials ,
Corporate Governance ,
Disclosure Requirements ,
Initial Public Offering (IPO) ,
Investors ,
Life Sciences ,
Material Nonpublic Information ,
Medical Research ,
Pharmaceutical Industry ,
Private Investment in Public Equity (PIPEs) ,
Publicly-Traded Companies
When it comes to disclosing clinical trial data in the biotechnology arena, in particular for public biotech companies, timing is everything. Disclosures are not just about when to reveal the information, but also what is...more
1/6/2025
/ Annual Reports ,
Biotechnology ,
Clinical Trials ,
Corporate Governance ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Food and Drug Administration (FDA) ,
Form 10-K ,
Form 10-Q ,
Life Sciences ,
Pharmaceutical Industry ,
Securities and Exchange Commission (SEC)
On October 10, 2023, the U.S. Securities and Exchange Commission adopted new rules (the Amendments) that amend Regulation 13D-G under the Securities Exchange Act of 1934 (the Exchange Act), which provide companies, and the...more
10/17/2023
/ Beneficial Owner ,
Compliance ,
Disclosure Requirements ,
Filing Deadlines ,
Investors ,
New Guidance ,
Proposed Amendments ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Shareholders
After 2022’s challenging capital markets environment, leaders in the technology and life sciences industries have set their sights on 2023 and beyond—evaluating the private fundraising market, looking for ways to extend their...more
3/10/2023
/ Acquisitions ,
Capital Raising ,
Emerging Growth Companies ,
Environmental Social & Governance (ESG) ,
Initial Public Offering (IPO) ,
Investment ,
Investors ,
Life Sciences ,
Mergers ,
Private Sector ,
Public Offerings ,
Technology ,
Technology Sector
On June 13, 2022, the U.S. Securities and Exchange Commission (1) adopted amendments (the “Amendments”) to the proxy rules related to proxy advisory firms and (2) released proposed rules (“Proposed Rules”) regarding the...more
Following a record-breaking year for IPOs and other going-public transactions in 2021, the beginning of 2022 has presented a challenging environment. That’s largely a result of volatile market conditions due to the ongoing...more
Following a record-breaking year for IPOs and other going-public transactions, the beginning of 2022 has presented a challenging environment. That’s largely a result of volatile market conditions due to the ongoing conflict...more
3/30/2022
/ Biden Administration ,
Direct Listing ,
Environmental Social & Governance (ESG) ,
Initial Public Offering (IPO) ,
Investment ,
Investors ,
Life Sciences ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Technology
On February 10, 2022, the U.S. Securities and Exchange Commission issued a proposal (Proposed rules: Modernization of Beneficial Ownership Reporting) that would amend Regulation 13D-G under the Securities Exchange Act of 1934...more
2/17/2022
/ Amended Regulation ,
Beneficial Owner ,
Broker-Dealer ,
Capital Markets ,
Corporate Governance ,
Disclosure Requirements ,
Filing Deadlines ,
Investment Adviser ,
Investors ,
Proposed Rules ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholders
Public market investors have offered a warm welcome to life sciences companies so far in 2021. As Fenwick’s recent H1 2021 Going Public Report shows, the pace has picked up as 2021 progresses, with 31 life sciences IPOs in...more
Technology and life sciences companies went public at an extraordinary rate in the first half of 2021 and they continued to do so via different paths: initial public offerings, de-SPAC mergers and direct listings.
Our...more
The life sciences sector will likely be one of the major drivers in what some analysts predict as the beginning of the largest economic expansion in recent history. ...more
3/25/2021
/ Coronavirus/COVID-19 ,
Digital Health ,
Infectious Diseases ,
Initial Public Offering (IPO) ,
Innovative Technology ,
Investment Opportunities ,
Life Sciences ,
Pharmaceutical Industry ,
Special Purpose Acquisition Companies (SPACs) ,
Startups ,
Vaccinations ,
Venture Capital
With a new U.S. administration, an economic rebound in sight and historically low interest rates that are unlikely to budge in the near-term, equity markets have been on a tear since late 2020. The torrid pace of technology...more
The U.S. Securities and Exchange Commission has issued final rules adopting amendments to certain financial disclosure requirements and to the disclosure required in Management’s Discussion and Analysis (MD&A). We previously...more
The U.S. Securities and Exchange Commission has issued a release adopting amendments (“final rules”) to certain of its rules relating to exemptions from registration under the Securities Act of 1933 (Securities Act). The...more
11/12/2020
/ Crowdfunding ,
Economic Growth ,
Federal Register ,
Final Rules ,
Fixing America’s Surface Transportation Act (FAST Act) ,
General Solicitation ,
Investment ,
JOBS Act ,
Offerings ,
Regulation D ,
Rule 152 ,
Rule 504 ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Testing-the-Waters Communications
On August 26, 2020, the U.S. Securities and Exchange Commission adopted final rules to expand the accredited investor definition and modernize the disclosure requirements under Regulation S-K Items 101 (Business), 103 (Legal...more
8/31/2020
/ Accredited Investors ,
Certifications ,
Disclosure Requirements ,
Final Rules ,
Financial Services Industry ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Private Offerings ,
Qualified Institutional Buyers ,
Regulation D ,
Regulation S-K ,
Risk Factors ,
Rule 144A ,
Rule 501 ,
Rural Business Investment Companies (RBICs) ,
Securities and Exchange Commission (SEC)
Key Metrics for Recent Technology and Life Sciences Initial Public Offerings -
Following a volatile spring 2020 due to the rapid global spread of the novel coronavirus, the capital markets, including IPOs, appear to be...more
8/28/2020
/ Biopharmaceutical ,
Coronavirus/COVID-19 ,
Emerging Growth Companies ,
Initial Public Offering (IPO) ,
Life Sciences ,
Public Offerings ,
Publicly-Traded Companies ,
Special Purpose Acquisition Companies (SPACs) ,
Surveys ,
Technology ,
Technology Sector
The U.S. Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and Division of Corporation Finance (Division) have separately issued statements emphasizing the continued importance of high-quality...more
6/26/2020
/ Coronavirus/COVID-19 ,
Disclosure Requirements ,
Division of Corporate Finance ,
FASB ,
Financial Reporting ,
IASB ,
ICFR ,
New Guidance ,
PCAOB ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC)
The SEC has issued rules amending the disclosure requirements for providing historical and pro forma financial statements in connection with material acquisitions and dispositions. The final amendments, issued on May 21,...more
In the past few weeks, the Nasdaq Stock Market and the New York Stock Exchange, with the approval of the U.S. Securities and Exchange Commission, have approved rules easing certain requirements for listed companies in light...more
Chairman Jay Clayton of the U.S. Securities and Exchange Commission and William Hinman, director of the Division of Corporation Finance, issued a statement stressing the importance of current and forward-looking disclosure in...more
The global spread of COVID-19 has impacted all aspects of business and raises significant securities law questions for public life sciences companies. In this video, Fenwick partners Rob Freedman and Amanda Rose discuss the...more