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This is the second of a series of articles looking at the implications of insolvency on life sciences transactions. Our first article considered “Why licensors and licensees in the life sciences sector need to be aware of counterparty insolvency”.
In order for licensees to best protect their position if a licensor is insolvent and/or goes into an insolvency process, they need to review their licences, with particular focus on the issues set out below. A licence of a key product or process patent, by way of example, may be crucial to a licensee’s business.
As mentioned in our first article, there may also be related rights like marketing authorisations to consider in the context of a transaction in the life sciences sector.
There are various options open to a licensee. Not all of them will necessarily work, but the licensee should be putting as many of the protections in place as are achievable and practical to give it the best chance of continuity of rights, notwithstanding any financial distress suffered by the licensor, particularly if that financial distress results in an insolvency process.
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