Start-ups in the Life Sciences field are frequently financed through a combination of equity securities with different rights to its holders. There are several economic rationales behind preferred rights for large investors. Whereas certain (e.g. non-participating)...

In our last M&A newsletter (The meaning of preferential rights embedded in preferred shares and empirical evidence in Switzerland) we introduced the nature and economic meaning of different preferential rights embedded in preferred shares.In addition, we have...