In a recent paper, authors Sergey Chernenko, Josh Lerner, and Yao Zeng consider investments by mutual funds (“cross over funds”) in 99 unicorn companies. Given the rise in recent years of investments by cross over funds in private companies, the authors compare the investments made by these funds compared to those made by venture capital

On May 24, 2016, the Biotechnology Innovation Organization (BIO) published a study, “Emerging Therapeutic Company Investment and Deal Trends,” which collects ten years of data to identify trends affecting “emerging therapeutic companies” (“ETCs”).  ETCs are companies that are (1) developing therapeutics with a lead drug in research and development (“R&D”), or (2) have a drug

Successful privately held companies considering their liquidity opportunities or eyeing an IPO often turn to late stage private placements. Late stage private placements with institutional investors, cross-over investors and strategic investors raise a number of considerations that are distinct from those arising in earlier stage and venture transactions. Also, for some companies, the late stage

On March 9, 2016, Morrison & Foerster is bringing together social entrepreneurs, funders, lawyers and others professionals in the community for a series of panel discussions exploring a range of legal and business issues for impact investors and companies that want to maximize their positive impact.

New and Existing Corporate Forms for Impact Entities

This

Our 2016 survey, Getting the Measure of EGC Corporate Governance Practices, provides an overview of the choices made by EGCs that undertook initial public offerings during 2014 and 2015 insofar as capital structure, exchange listing, governance policies and procedures, board composition, compensation, and various other matters. A number of charts and resources accompany this year’s

JOBS Act Quick Start provides a comprehensive overview of the provisions of the JOBS Act, including the changes brought about in market practice as a result of the IPO on ramp provisions. This 2016 update, which we invite you to read, describes the recent FAST Act improvements, the final rules relating to Regulation A, and

PitchBook’s 2015 Annual U.S. Venture Industry Report reported a total of 73 venture capital-backed IPOs were conducted in 2015, the lowest number since 2013.  The number of VC-backed IPOs had been climbing since 2009, from 10 IPOs in 2009 to 122 IPOs in 2014.   2015 VC-backed IPOs raised approximately $8 billion, the lowest proceeds collected

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On December 15, 2015, in Tel Aviv, Israel, Morrison & Foerster will present a complimentary seminar titled “Finding the Right Capital Raising Tool”. Identifying the right capital-raising tool for a company depends on a number of different factors.  Understanding the alternatives and their best uses will be the focus of our discussion.  Morrison & Foerster

The International Financial Law Review (IFLR)’s Bankers’ Counsel Poll was compiled with Morrison & Foerster LLP. With input from partners Anna Pinedo and James Tanenbaum, poll questions were formulated. Using recommendations of in-house counsel from the editorial team and Morrison & Foerster, the poll was distributed to counsel at the largest global investment banks that