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SEC Expansion of Availability of Confidential Submissions of Registration Statements Could Help Life Sciences Companies Raise...

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

2025 Life Sciences M&A Trends in Earnouts and Antitrust

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

The Life Sciences IPO Market Is Off to a Solid Start in 2025

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

Key Takeaways for Life Sciences Companies Considering a 2025 IPO

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

Clinical Data FAQs: How to Approach Fundraising and Investor Relations

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

Clinical Data FAQs: How to Prepare for Disclosure

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

SEC Adopts Rules for Shorter Deadlines and More Transparency in Share Ownership Reporting

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

Navigating Uncertain Times: IPO Insights for Late-Stage Technology and Life Sciences Companies - 2023

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

SEC Announces Final Rules Regarding Proxy Voting Advice and Proposed Rules Regarding Shareholder Proposals

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

Going Public Report: IPOs, SPACs and Direct Listings Facing Headwinds in 2022 After Record Year - 2021 Milestones and 2022 Outlook

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

Going Public Report: IPO's SPACs and Direct Listings Facing Headwinds in 2022 After Record Year - 2021 Milestones and 2022 Outlook

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

SEC Proposes Rules for Shorter Deadlines and More Transparency in Share Ownership Reporting

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

Life Sciences IPOs, SPACs on the Upswing in H1 2021

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

Fenwick’s Going Public Report: Covering U.S. Technology and Life Sciences IPOs, de-SPAC Mergers and Direct Listings - 2021 H1

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

IPO Landscape: Surging SPACs and a Pandemic Boom Ahead

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

SEC Issues Final Rules Amending MD&A Requirements and Other Financial Disclosures

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

SEC Adopts Amendments Facilitating Opportunities for Access to Additional Capital

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

Key Metrics for U.S. Technology and Life Sciences IPO Survey – 2020 First Half

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

SEC Emphasizes Continued Importance of Financial Disclosures in Light of COVID-19

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

SEC Streamlines Disclosure Requirements for Acquired and Disposed Businesses

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

National Stock Exchanges Provide Relief in Light of COVID-19

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

SEC Urges Current and Forward-Looking Disclosure on COVID-19 Impacts

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

COVID-19 Key Securities Law Impacts and Considerations for Public Life Sciences Companies [Video]

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

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