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General Trends in Life Sciences M&A If 2019 was the year of life sciences mega-deals, 2020 was the year of COVID-19, as the global pandemic permeated every aspect of the dealmaking landscape, with the life sciences sector being no exception. COVID-19 drove unprecedented levels of collaboration among biopharmaceutical companies seeking to develop a vaccine, leading to an accelerated research and development process that allowed not just one—but two—vaccines to be approved by the FDA in record-breaking time. In contrast, aggregate M&A deal value for the life sciences sector was down nearly ...

To embed, copy and paste the code into your website or blog: As we enter the New Year, the end is not yet in sight for litigation related to COVID-19. Five recent decisions, summarized below, highlight the still developing legal implications of the pandemic on private party rights as we begin 2021. These decisions touch on: potential university liability to refund students for pandemic-caused changes to their education, in what circumstances a buyer can walk away from a merger and acquisition because of COVID-19, and circumstances where New York Courts have been willing to grant pandemic-rela...

In its recent decision in Fairstone Financial Holdings Inc. v. Duo Bank of Canada(Fairstone), the Ontario Superior Court of Justice (Commercial List) (Court) addressed the interpretation of material adverse effect (MAE) clauses and ordinary course covenants in M&A transactions. Such provisions are of renewed interest to many prospective buyers, sellers and target companies in view of the ongoing effects of COVID-19. KEY TAKEAWAYS Interpretation of MAE provisions Burden of proof and constituent elements of an MAE Rule of contractual interpretation (i.e., contracts should be read and interpret...

In its recent decision in Fairstone Financial Holdings Inc. v. Duo Bank of Canada (Fairstone), the Ontario Superior Court of Justice (Commercial List) (Court) addressed the interpretation of material adverse effect (MAE) clauses and ordinary course covenants in M&A transactions. Such provisions are of renewed interest to many prospective buyers, sellers and target companies in view of the ongoing effects of COVID-19. KEY TAKEAWAYS Interpretation of MAE provisions Burden of proof and constituent elements of an MAE Rule of contractual interpretation (i.e., contracts should be read and interpre...

To print this article, all you need is to be registered or login on Mondaq.com. The economic dislocation caused by the COVID-19 pandemic has led to an uptick in "busted deal" litigation in M&A transactions in the United States and Canada. 1 The crux of the litigation is whether the buyer may abandon the transaction without penalty on the basis of allegations that the pandemic has had a material adverse effect (MAE) on the target business and/or that operational responses to the pandemic constitute a breach of a covenant requiring the target business to operate in the o...