1、Guide to IPOs for Biotech and Pharma CompaniesLeading and closing complex deals every dayBaker McKenzie|Guide to IPOs for Biotech and Pharma Companies2Introduction.03Key stages and indicative timeline.05The IPO team.07 Core deal team.07 Other parties.08Eight practical tips for a successful listing.0

2、9Stock exchanges.10Core considerations.11 Key issues for biotech and pharma companies.13 Restructuring prior to listing.13 IP protection.14 Privacy and data protection.14 Due diligence.15 Key employees.16 Describing the business.16 Clinical trials and regulatory review.17 Enhanced prospectus disclos

3、ures.17 Disclosure obligations after listing.18 Assets and income mix.18Baker McKenzie contacts.19ContentsBaker McKenzie|Guide to IPOs for Biotech and Pharma Companies3Return to contents pageBiotech and pharma companies undertaking capital raisings can approach the worlds capital markets in various

4、ways.Through an initial public offering(IPO),listing either in its home jurisdiction or cross-border,biotech and pharma companies can access major global finance hubs and capital from a deep pool of investors around the world.A company may have a choice to list either via a traditional IPO or,altern

5、atively,via a business combination with a special purpose acquisition company(SPAC),which is already listed.This is also known as a de-SPAC transaction.A detailed comparison of some of the features and requirements applicable to de-SPACs in a number of jurisdictions across the regions is available i

6、n Baker McKenzies Global SPACs Guide.The biotech and pharma industry has an increasing choice of stock exchanges as companies consider factors such as the ability to meet listing criteria,the regulatory environment for biotech and pharma companies,location of industry peers,their preferred sharehold