Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Contingent Value Rights to Bridge Valuation Gaps
On this episode of The Startup Exit Podcast, Lucas and Luna explore contingent value rights (CVRs) — a little-known but powerful tool for bridging valuation gaps in M&A. They examine the $1.5 billion CVR structure in Celgene's acquisition by Bristol-Myers Squibb, how it paid out based on FDA approval milestones, and why CVRs are resurging in today's biotech and tech markets. With META up nearly 10% in five days and DeepSeek reportedly eyeing a $1.5B raise before an IPO, the hosts discuss how founders can use CVRs to defer valuation arguments and align incentives post-close. They…
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