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Biotech Industry Bankruptcy Case Update: 'Zymergen' and 'Humanigen'
'Zymergen'
On Oct. 3, 2023, Zymergen Inc. and three affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
In 2021, Zymergen raised approximately $530 million from its initial public offering (IPO) to fund their product, Hyaline, the polyimide film for flexible touch-screen devices. Soon after the IPO, the company struggled to generate revenue as customers faced technical problems with the product, causing the company's stock to drop about 70%. This spurred litigation against the company and directors by investors.
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The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
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The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.