This report series examines quarterly trends in life sciences venture investment. Key findings for Q1 2023 include:
• Life sciences VC deal value totaled $5.0 billion across 364 deals, representing a 40.9% decline in value...more
This report series examines quarterly trends in life sciences venture investment. Key findings for Q4 2022 include:
• Deal value reached $7.1 billion in Q4 across 392 deals, bringing the 2022 annual total to $38.0 billion...more
2022 was a busy year in rulemaking for the Securities and Exchange Commission (SEC). As a result, there are many new disclosure requirements for companies to keep top of mind as they work through this year’s annual report,...more
1/27/2023
/ Compliance Dates ,
Corporate Governance ,
Disclosure Requirements ,
EDGAR ,
Final Rules ,
Form 10-K ,
Proxy Season ,
Proxy Statements ,
Publicly-Traded Companies ,
Regulation S-K ,
Securities and Exchange Commission (SEC)
For many insiders at a newly formed public company, a large portion of their net worth is potentially tied up in holdings of their company’s publicly-traded shares. These insiders often face challenges obtaining liquidity...more
1/19/2023
/ Capital Markets ,
Disclosure Requirements ,
Glass Lewis ,
Hedging ,
Insider Trading ,
Institutional Shareholder Services (ISS) ,
Proxy Advisors ,
Proxy Statements ,
Proxy Voting Guidelines ,
Publicly-Traded Companies ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
This report series examines quarterly trends in life sciences venture investment. Key findings for Q3 2022 include:
• The industry generated $6.2 billion in deal value across 352 deals in Q3, exhibiting further quarterly...more
On Friday, October 7, 2022, the Securities and Exchange Commission (the “SEC”) reopened the public comment periods for eleven rulemaking proposals and one request for comment due to a technical error that prevented the SEC...more
This report series examines quarterly trends in life sciences venture investment. Key findings for Q2 2022 include:
• The industry generated $8.8 billion in deal value across 362 deals in Q2, a material decline from Q1, as...more
This edition of Orrick’s life sciences publication series breaks down the key drivers of venture investment in the life sciences industry, which is on track to set all-time records this year. Key findings include: • With...more
This edition of Orrick’s life sciences publication series reviews the key drivers of venture investment in the life sciences industry, which is proceeding at a record pace thus far in 2021. Key findings include:
Investment...more
This edition of Orrick’s series of life sciences publications breaks down the record venture investment into US-based life sciences companies in 2020 and strong showing in Q1 2021. Key findings include: • US-based life...more
This edition of Orrick’s series of life sciences publications reviews fullyear 2020 data in depth to identify and summarize the key trends that shaped venture investment across the sector. 2020 was a banner period for many...more
In this edition of Orrick’s series of life sciences publications, the traditional update on broader venture market financing data is included, depicting the macro-level trends of interest. In addition, given their surge in...more
On August 31, 2020, the California State Assembly Banking and Finance Committee voted to give final legislative approval to Assembly Bill 979 (AB 979), allowing it to move forward to Governor Newsom for signature or veto on...more
Exchange Act Reports; Securities Act Filings -
On August 26, 2020, the Securities and Exchange Commission announced changes to Regulation S-K intended to modernize certain disclosures related to an issuer’s business...more
In this edition of Orrick’s series of life sciences publications, we offer a market update drawing on a variety of PitchBook datasets depicting macro trends in financing across the market, as well as a spotlight on any trends...more
In this edition of Orrick’s series of life sciences publications, we offer a market update drawing on a variety of PitchBook datasets depicting macro trends in financing across the market, as well as a spotlight on any trends...more
COVID-19 has had far-reaching social, economic and regulatory impacts. Nearly all companies (private and public, large and small) have had reason to more frequently convene their boards of directors to review and monitor...more
6/22/2020
/ Board of Directors ,
Clinical Trials ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Derivative Suit ,
Food and Drug Administration (FDA) ,
Internal Controls ,
Life Sciences ,
Oversight Duties ,
Pharmaceutical Industry ,
Research and Development
The Massachusetts Securities Division (the Division) warns that the average investor is overwhelmed by the COVID-19 pandemic. The Division points to several COVID-19-related items such as physical isolation, job uncertainty...more
Executive Summary. On May 21, 2020, the Securities and Exchange Commission (SEC) adopted amendments to the current rules that require public companies to disclose financial information on significant acquisitions and...more
On May 4, 2020, the SEC adopted temporary final rules, in light of the effects of the COVID-19 pandemic, that eased Regulation Crowdfunding requirements in order to make it easier for small businesses to raise money through...more
One of the fastest ways to garner unwanted attention as a publicly-traded life sciences company is to be accused by either a regulator or stockholder that the company disclosed materially misleading information about the...more
5/27/2020
/ Clinical Trials ,
Corporate Governance ,
Disclosure Requirements ,
FDA Approval ,
Food and Drug Administration (FDA) ,
Life Sciences ,
Misleading Impressions ,
Pharmaceutical Industry ,
Publicly-Traded Companies ,
Risk Management ,
Securities and Exchange Commission (SEC)
The SEC declared immediately effective a proposed Nasdaq rule change to delay the implementation (the “Delay Implementation”) of the previously approved Nasdaq rule change (the “April Rule Change”) to expedite delisting of...more
The SEC declared, effective immediately as of May 14, 2020, a new NYSE rule proposal which provides a temporary exception through June 30, 2020 from the shareholder approval requirements for specified issuances of 20% or more...more
Are direct listings a viable potential alternative for all companies seeking to go public? The answer may likely be no, especially for early stage life sciences companies that are not household names. ...more
5/18/2020
/ Broker-Dealer ,
Capital Markets ,
Capital Raising ,
Direct Listing ,
Initial Public Offering (IPO) ,
Investment ,
Investment Adviser ,
Life Sciences ,
Listing Standards ,
Nasdaq ,
NYSE ,
Publicly-Traded Companies
This first installment in a series of Orrick publications is dedicated to the exploration of trends in venture investment across life sciences. For this issue, we offer historical context to inform our trend analysis and...more