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Current State of the Venture Market at the Intersection of Life Sciences and AI

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This series will feature experts in law, business strategy, and biotechnology, who will help to illuminate the evolving landscape at the intersection of Life Sciences and AI. 

This series will feature experts in law, business strategy, and biotechnology, who will help to illuminate the evolving landscape at the intersection of Life Sciences and AI. This series is designed for entrepreneurs, investors, executives, and students eager to grasp the complex legal frameworks, intellectual property and regulatory challenges, and market opportunities shaping the future of healthcare and biotech industries. As you seek to pioneer new technologies, gain actionable insights to navigate the legal pathways and strategic considerations essential for success in this rapidly advancing field.<hr>

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Anna Yuan’s practice focuses on patent prosecution, IP due diligence, post-grant proceedings, and IP litigation support. She has been recognized as one of the “Ones to Watch” in America by Best Lawyer and a Rising Star in Intellectual Property by Americas Women in Business Law. Anna is the co-founder and co-chair of the firm’s Life Sciences + AI patent practice. She leverages her experience in software development and product design gained as a product manager at Microsoft to build valuable patent portfolios covering highly complex technologies to maximize their commercial value. Anna’s practice spans a wide array of technologies, including artificial intelligence, autonomous driving, blockchain, robotics, electronic devices, data analytics, virtual reality, wireless communications, network security, medical devices, diagnostics, health care, and genomics. She has developed and managed clients’ core portfolios in the United States, China, Canada, Europe, Japan, Korea, Mexico, and Australia. Anna’s clients include emerging companies, multinational corporations, and universities.Anna received her J.D. from Harvard Law School. During law school, she served as an executive editor of the Harvard International Law Journal and co-founded the Harvard China Law Association. She was also active in clinical and pro bono programs such as the Cyberlaw Clinic based at the Harvard Berkman Center for Internet and Society, and the Harvard Mediation Program.She received her B.S. summa cum laude in computer engineering from Louisiana State University, with minors in computer science and mathematics. Prior to attending law school, Anna worked as a program manager at Microsoft in the Windows Division. At Microsoft, she led projects relating to software user interface design, software reliability, and software privacy compliance. She has also worked as a facilities engineer at Chevron and as a software developer at Halliburton.She is admitted to practice in California and is registered to practice before the United States Patent and Trademark Office. Anna is a fluent Chinese speaker and regularly counsels Chinese clients in Silicon Valley and abroad.

Anna Yuan

Of Counsel

Josh Crawford's practice focuses on domestic patent prosecution, international patent portfolio management, patent infringement and validity determinations, inter partes review proceedings, and IP litigation support.Josh has experience drafting and prosecuting patents in numerous technology areas, including network security, cloud computing, machine learning, computer vision, medical devices, laboratory and assay equipment, microfluidics devices, bioinformatics, user interfaces, and consumer electronics.In addition to patent prosecution, Josh’s practice includes preparing petitions and responses in inter partes review proceedings, as well as preparing invalidity and non-infringement positions in district court litigations.  In adversarial proceedings, Josh has worked on matters concerning network security systems, GPS technology, medical devices, and integrated circuit technologies.Josh received his J.D. with highest honors from The George Washington University Law School, where he was elected to the Order of the Coif and received the Presidential Merit Scholarship and Bobby Burchfield Scholarship. During law school, he worked at Morrison & Foerster as a summer associate and as a law clerk.Before law school, Josh received his B.S. in physics with high honors from the University of Maryland. During his undergraduate studies, he worked with the Joint Quantum Institute performing optics research, including designing and constructing an optical cavity for use in cavity quantum electrodynamics experiments.Josh is licensed to practice law in the District of Columbia and Virginia and is registered to practice before the USPTO.

Joshua Crawford

Jim Krenn is a corporate partner and co-chair of the firm’s Emerging Companies + Venture Capital Group. Jim has extensive experience representing private and public companies and investors in significant business transactions from formation through liquidity. His practice focuses on mergers and acquisitions, venture capital financings, and emerging company counseling. His clients span a broad range of industries, with a concentration in life science and technology companies.Jim advises clients on private and public acquisitions on both the buy-side and sell-side across numerous transaction structures, including equity purchases, asset purchases, mergers, acquisitions, divestitures, cross-border transactions, and auctions. He has represented buyers and sellers in acquisitions and divestitures ranging from the low millions to over $1 billion.Jim counsels emerging and established life sciences and technology companies in equity financings and general corporate matters, and angel, corporate, and venture capital investors in investments in such companies. He has represented clients in hundreds of venture capital financings ranging from seed rounds to $100 million-plus later-stage rounds.In addition, Jim represents public companies in public offerings, other capital markets transactions, and SEC reporting and compliance matters, and advises boards of directors on corporate governance issues.Jim is member of the firm’s Life Sciences + Healthcare Group leadership team and Artificial Intelligence steering committee and serves on the Board of Directors of the San Diego Entrepreneurs Exchange.<h4 dir="ltr">Mergers and Acquisitions</h4><ul dir="ltr"><li dir="ltr">ACEA Biosciences, a medical instruments company, in its sale to Agilent Technologies (NYSE: A) for $250 million.</li><li>Adicet Bio (Nasdaq: ACET), a biopharmaceutical company, in its merger with a wholly owned subsidiary of resTORbio (Nasdaq: TORC) to create a combined publicly traded biotechnology company.</li><li>Alaska Energy & Resources Company, a parent company of a regulated electric utility in Alaska, in its $170 million sale to Avista (NYSE: AVA).</li><li>Astute Medical, a medical diagnostic company, in its $90 million sale to bioMérieux (EPA: BIM).</li><li>B. Riley Financial (Nasdaq: RILY), a diversified financial services company, in its $53 million private placement and merger with investment banking firm B. Riley & Co.</li><li>Biotix, a private equity-backed developer and manufacturer of laboratory consumables and liquid handling solutions, in its sale to Mettler-Toledo (NYSE: MTD).</li><li>California Cryobank, a private equity-backed leader in reproductive tissue donor services and stem cell banking, in multiple acquisitions.</li><li>Clean Energy Fuels (Nasdaq: CLNE), a provider of natural gas as an alternative fuel for vehicle fleets, in its sale for up to $180 million of components of its renewable natural gas business to BP (NYSE: BP).</li><li>Cogent (Nasdaq: COGT), a biometric identification solutions provider, in its $943 million sale to 3M (NYSE: MMM).</li><li>Deere & Company (NYSE: DE), an agricultural, construction, and forestry machinery corporation, in its planned acquisition of the precision planting unit of Monsanto (NYSE: MON).</li><li>Dosatron International, a distributor of water-powered dosing pumps and systems, in connection with its sale to Ingersoll Rand (NYSE:IR).</li><li>Gillco, a leading specialty ingredient provider, in its sale to Azelis (BR: AZE).</li><li>Mentor (NYSE: MNT), a leading supplier of medical products for the global aesthetic market, in its $1.12 billion sale to Johnson & Johnson (NYSE: JNJ).</li><li>Mitchell International, a developer of smart technology solutions, in its acquisition of Cogent Works.</li><li>MyChem, a provider of ultra-pure nucleotides, in connection with its sale to Maravai (NASDAQ: MRVI) for $240 million at closing with potential additional consideration.</li><li>Protomer Technologies, a biotechnology company, in its sale to Eli Lilly and Company (NYSE: LLY) with a potential value of over $1 billion with successful achievement of future development and commercial milestones.</li><li>Rakuten Medical, a biotechnology and medical device company, in its acquisition of Medlight SA and its acquisition of key assets and manufacturing technology from Li-Cor Biosciences.</li><li>Safebuilt Insurance Services, a managing general agent and insurance technology company, in its sale to Integrated Specialty Coverages.</li><li>Sequlite Genomics, a DNA sequencing firm, in connection with its sale to Fapon Biotech, a diagnostic technology company.</li><li>Tendo, a digital health software company, in its acquisition of MDsave, a healthcare marketplace company.</li><li>Wavestream, a provider of high-power solid-state amplifiers, in its $137 million sale to Spacenet, a subsidiary of Gilat Satellite Networks (Nasdaq: GILT).</li></ul><h4 dir="ltr">﻿Venture Financings</h4><ul><li dir="ltr">9amHealth, a provider of virtual diabetes care, in its $4 million Series Seed financing and $16 million Series A financing.</li><li>ACEA Biosciences, a developer of cell analysis instrumentation technologies, in its $30 million Series E Preferred Stock financing.</li><li>Adicet Bio, a biopharmaceutical company, in its Series A financing of up to $51 million, and $80 million Series B financing.</li><li>Astute Medical, a medical diagnostic company focused on high-risk medical conditions and diseases, in over $200 million of equity and debt financings.</li><li>Bidra as an investor in multiple equity financings.</li><li>Biolumic, an agtech company, in its $13.5 million Series B financing.</li><li>California Cryobank, a private equity-backed leader in reproductive tissue donor services and stem cell banking, in multiple equity and debt financings.</li><li>Carlsmed, a medical device and artificial intelligence company, in its $10 million Series A financing, $30 million Series B financing and $52.5 million Series C financing.</li><li>Crinetics as a strategic investor in Radionetics Oncology’s $52.5 million Series A financing.</li><li>Forward Ventures as an investor in multiple equity financings, convertible debt financings, and M&A transactions.</li><li>Foxen, a provider of financial technology solutions for the real estate industry, in its $44 million Series A financing.</li><li>Greenoaks Capital Partners and its affiliates as investors in multiple equity financings, debt financings, and secondary transactions.</li><li>GroupSolver, an artificial intelligence market research platform, in multiple preferred stock financings.</li><li>Hume.ai, an artificial intelligence company, in multiple preferred stock financings.</li><li>Oak Investment Partners as an investor in multiple preferred stock financings.</li><li>OrbiMed as an investor in multiple equity financings, debt financings, and M&A transactions.</li><li>Petuum, an artificial intelligence and machine learning software infrastructure provider, in its $93 million Series B financing.</li><li>Pi Health, an AI-enabled health technology and clinical research company, in its spin-out from BeiGene, Ltd. and $35 million Series A financing.</li><li>RA Capital as an investor in multiple equity financings.</li><li>Rakuten Medical, a biotechnology and medical device company, in over $730 million of debt and equity financings.</li><li>Softbank affiliates as investors in multiple equity financings.</li><li>Solarflare Communications, a software and hardware company, in over $200 million of equity and debt financings.</li><li>VoloAgri, an agriculture technology company focused on seed genetics, in over $150 million of equity financings.</li><li>Western Digital Capital as an investor in multiple preferred stock financings.</li></ul>

Jim Krenn

Co-Chair of Emerging Companies + Venture Capital Practice

Stephanie assists companies with technology and life sciences transactions, representing both private and public companies, from emerging growth through the Fortune 50. In particular, Stephanie focuses on helping companies that leverage data through technology in structuring their business and commercial transactions.Stephanie has over two decades of experience working with clients on the complex technology, intellectual property, and data rights issues across technology and business sectors, including, among others: artificial intelligence (including machine learning and other data analytics approaches), cloud services, life sciences and healthcare, the Internet of Things (IoT), fintech, digital transactions, autonomous systems, cybersecurity solutions, semiconductors, edtech and cleantech. Additionally, Stephanie advises on the commercial technology and intellectual property aspects of mergers, acquisitions, asset spin-off transactions, and private equity investments. Stephanie serves on the Responsible AI Venture Council, part of the recently launched Lucas Institute for Venture Ethics at Santa Clara University’s Markkula Center for Applied Ethics. Stephanie is also a member of the firm’s global ESG + Sustainability steering committee as well as the firm’s FinTech steering committee, where she helps to lead and collaborate with attorneys across multiple practices. Stephanie is also a sought-after speaker and thought leader on the issues at the intersection of technology and law, including regarding AI, Life Sciences and FinTech.Since 2016, Stephanie has taught as a guest lecturer in the Technology Transactions course in Cornell Law School’s Technology and Entrepreneurship LLM program at CornellTech. She also was adjunct faculty at Cornell Law School for a Legal Issues in FinTech course.

Stephanie Lynn Sharron

Partner

Kristina has more than 20 years of experience advising clients across many industries, including the software, internet, mobility, media, and consumer electronics industries, with a particular focus on technology-driven and IP-heavy transactions. Her legal practice focuses on matters relating to the development, licensing, and use of software; cloud platforms and digital services (such as software as a service, product-embedded software, IPTV, music and  film streaming services, apps, and podcasts); intellectual property law (in particular, copyright and trade-secrets issues); and consumer and commercial law. She also advises clients in the digital transformation of their business structures and processes, including implementing new technologies such as cloud services, machine learning applications, new mobility/automotive solutions, distributed-ledger technology, and the use of open source software.Kristina regularly drafts and negotiates a wide variety of complex transactions, including:<ul><li>Software, apps, and skills-development and licensing agreements</li><li>Joint development and cooperation agreements</li><li>Digital content licensing agreements</li><li>IT outsourcing agreements </li><li>Contracts along the supply and distribution chain for goods and services</li></ul>Her clients range from start-ups to large international corporations based in Europe, Japan, and the U.S. Clients appreciate her extensive experience in complex cross-border contract negotiations. In addition, she advises clients on questions regarding IT security and liability for defects in software and hardware products. Kristina routinely provides intellectual property and commercial law advice in corporate transactions.Kristina is a frequent speaker and writer on legal matters regarding IT, digital services, and intellectual property law topics. Some recent engagements include:<ul><li>“Neues IT-Vertragsrecht für digitale Inhalte und Dienste gegenüber Verbrauchern”, Computer und Recht, November 2019, Volume 35, Issue 11</li><li>Software Nutzung über Cloud, App & Co. – Services und Vertragsmodelle, Conference Kölner Tage IT-Recht, 2019</li><li>“<a href="/resources/insights/190200-eu-regulation-data" target="_self">New EU Regulation to Strengthen the Free Movement of Data</a>”, Pratt’s Privacy & Cybersecurity Law Report, February/March 2019, Volume 5, No.2</li><li>“<a href="/resources/insights/190122-copyright-infringement" target="_self">Time to Hit Pause: Copyright Infringement on User Generated Platforms – When Is the Platform Provider Liable for Damages?</a>” Cyberspace Lawyer, Thomson Reuters, March 2019, Volume 24, Issue 2</li><li>“Kaufen ohne Grenzen – die neue Geoblocking–Verordnung der EU”, Computer und Recht, December 2018</li></ul>Prior to joining MoFo, Kristina worked as in-house counsel at Bertelsmann Music Group, as head of eBay Group’s contract department in Germany, and as a lawyer at the Berlin office of a large international law firm.Kristina is a partner at Morrison Foerster's German office in Berlin.<h4>Representative Experience</h4><ul dir="ltr"><li>DocuSign, Inc. on customer and reseller agreements for its eSignature cloud services in Germany (e.g., with Deutsche Telekom).</li><li>enercity AG on cloud platform as well as software development and licensing agreements, for a digital sales and customer platform.</li><li>QNX, a Blackberry subsidiary, on software licensing and joint development agreements with a Tier 1 automotive supplier.</li><li>SoftBank Vision Fund on its approximately EUR 460m investment in online platform Auto1 Group—one of the largest venture capital transactions in German history.</li><li>TDK and its subsidiary EPCOS on an IT carve-out for all IT infrastructure services and applications required for the establishment of a joint venture with Qualcomm.</li><li>Tele Columbus on agreements for the set-up and maintenance of a technical platform (including hard- and software supply) for advanced TV services (linear TV and Video on Demand).</li><li>United Internet/1&1 on the development of its integrated IPTV and video-on-demand product “1&1 Digital TV” for the provision of TV and VoD contents of third-party providers.</li></ul>

Kristina Ehle berät seit mehr als 20 Jahren Mandanten verschiedener Branchen, darunter Unternehmen aus der Software-, Internet-, Mobility-, Medien- und Unterhaltungselektronikindustrie, zu Technologie getriebenen und IP-lastigen Transaktionen. Ihr Beratungsschwerpunkt liegt hierbei auf rechtlichen Themen rund um die Entwicklung, Bereitstellung und Nutzung von Software, Cloud-Plattformen und digitalen Diensten (wie beispielsweise Software as a Service, integrierte Software, IPTV, Musik und Film Streaming Dienste, Apps und Podcasts), Fragen der Verwertung geistiger Eigentumsrechte (insbesondere Urheberrechte und Geschäftsgeheimnisse), des Verbraucherschutzrechts und allgemeinen Vertragsrechts.Zudem begleitet Kristina Ehle Mandanten bei der digitalen Transformation ihrer Geschäftsstrukturen und -prozesse, einschließlich der Implementierung neuer Technologien wie Cloud-Services oder Machine-Learning-Anwendungen sowie zu neuen Mobilitäts-Lösungen, Distributed-Ledger-Technologie und zur Verwendung von Open-Source-Software.Sie entwirft und verhandelt regelmäßig verschiedenste Verträge für komplexe Transaktionen, darunter:<ul><li>Entwicklungs- und Lizenzverträge für Software, Apps und Skills</li><li>Entwicklungs- und Kooperationsverträge zwischen Unternehmen</li><li>Lizenzverträge für digitale Inhalte</li><li>IT-Outsourcing-Vereinbarungen</li><li>Verträge entlang der Liefer- und Vertriebskette für Waren und Dienstleistungen</li></ul>Zu ihren Mandanten zählen sowohl Start-ups als auch große internationale Konzerne, vor allem mit Sitz in Europa, Japan und den USA. Mandanten schätzen sie vor allem für ihre langjährige Erfahrung bei komplexen und grenzüberschreitenden Vertragsverhandlungen.Ein weiterer Fokus von Kristina Ehle liegt auf der Beratung von Mandanten zu Fragen der IT-Sicherheit sowie der Haftung für fehlerhafte Software- und Hardwareprodukte. Auch bei gesellschaftsrechtlichen Transaktionen berät sie zu IP- und vertragsrechtlichen Themen.Kristina Ehle hält regelmäßig Fachvorträge und publiziert zu Rechtsfragen im Zusammenhang mit IT, digitalen Services und geistigem Eigentum.Vor ihrem Eintritt bei Morrison Foerster war Kristina Ehle als Business Affairs Manager bei der Bertelsmann Music Group, als Leiterin der Vertragsabteilung der eBay-Gruppe in Deutschland sowie als Counsel im Berliner Büro einer großen internationalen Rechtsanwaltskanzlei tätig.Kristina Ehle ist Partnerin des deutschen Büros von Morrison Foerster in Berlin.<h4>Referenzen</h4><ul><li>DocuSign bei der Verhandlung von Kunden- und Vertriebsverträgen für den Cloud-basierten DocuSign eSignature Service (z. B. mit Deutsche Telekom).</li><li>enercity zu einer Cloud-Plattform sowie zu Softwareentwicklungs- und Lizenzverträgen für eine digitale Vertriebs- und Kundenplattform.</li><li>QNX, eine Tochtergesellschaft von Blackberry, zu Softwarelizenz- und gemeinsamen Entwicklungsvereinbarungen mit Tier 1 Automobilzulieferern.</li><li>SoftBank Vision Fund bei Investition von rund 460 Mio. € in die Auto1 Gruppe, eine der bis heute größten Venture Capital Transaktionen der deutschen Geschichte.</li><li>TDK und die Tochtergesellschaft EPCOS zum IT Carve-Out für alle IT-Infrastruktur-Dienste und -Anwendungen im Zusammenhang mit dem Aufbau eines Joint Ventures mit Qualcomm.</li><li>Tele Columbus zur Vertragsgestaltung zum Aufbau und zur Wartung einer technischen Plattform (einschließlich Hard- und Softwareversorgung) für Advanced TV-Dienste (lineares Fernsehen und Video on Demand).</li><li>United Internet/1&1 bei der Entwicklung seines integrierten IPTV und Video-on-Demand-Produkts „1&1 Digital TV“ für die Bereitstellung von TV- und VoD-Inhalten von Drittanbietern.</li></ul>

Kristina Ehle

Marijn Storm specializes on the intersection of law and technology, with a focus on cutting-edge technologies, such as (generative) artificial intelligence (AI) and large language models, ethical tech, and biometrics. Based in Morrison Foerster’s Brussels office, he advises global companies and organizations on a wide range of their most complex and pressing privacy and data security challenges.Marijn’s deep experience in both law and technology enables him to navigate the rapidly evolving landscape of privacy, data security, and technological innovation. Bridging the gap between legal requirements and technological advancements, Marijn advises and educates in-house legal teams on how to effectively manage and oversee technical applications such as AI and, specifically, generative AI. In addition, Marijn trains technical teams on implementing technical solutions in a privacy-by-design fashion, enabling compliance with AI and data protection laws around the world.Marijn also represents clients in class action and other litigation. For example, he has defended both digital advertising and public health clients against claims of alleged GDPR violations. In addition, he counsels clients on investigating and responding to major cybersecurity and ransomware incidents, including notification and related obligations. Marijn has also assisted a number of companies in obtaining regulatory approval for their Binding Corporate Rules, in both the EU and the UK.A recognized thought leader, Marijn regularly speaks at international data protection conferences (including IAPP) on topics such as the future of behavioral biometrics, the ethical application of AI, and developments in EU class actions. Marijn frequently publishes articles and client alerts on a variety of evolving topics, such as the EU AI Act and the NIST AI Risk Management Framework. Since 2019, he has been a guest lecturer at the Tilburg Institute for Law, Technology, and Society, where he teaches Algorithmic Accountability within the biannual course on AI & Law.Marijn is a Dutch-qualified lawyer and is fluent in Dutch and English.

Current State of the Venture Market at the Intersection of Life Sciences and AI

08 May 2024 4:00 PM - 5:00 PM EDT