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Who's in Charge

In: Business and Management

Submitted By renyn36
Words 1063
Pages 5
Case 15-10
Who’s in Charge?
Background
Professor X teaches biology at the University of ND (UND). As part of his employment agreement, UND has the rights to any intellectual property or technology developed by
Professor X while he is employed by UND. During his employment at UND, Professor X founded several companies that use the technology he developed. This technology involves the use of non-embryonic (adult) human cells to reprogram genes within adult human cells into stem cells. Each company founded by Professor X is an affiliate of UND
(for simplicity, UND) and has entered into an agreement whereby the company would license the technology developed by Professor X from UND in exchange for equity in the company and ongoing royalty payments to UND.
Phoenix
On June 15, 2XX8, Professor X established Phoenix, a biotechnology company that specializes in producing stem cells using the latest technology.
Thunderbird
On January 26, 2XX6, Professor X established Thunderbird, a biotechnology company that specializes in producing stem cells using second-generation technology. Thunderbird is developing products, but has had no revenue (except minimal grant revenue).
Darwin
On November 9, 2XX4, Professor X established Darwin, a biotechnology company that specializes in producing stem cells using first-generation technology.
As of mid-2XX8, Darwin has several products and services, contracts with customers, and minimal revenue.
Darwin and Thunderbird share office and lab space, equipment, and employees. Because of ethical concerns and the regulatory environment surrounding embryonic stem-cell research, both Darwin and Thunderbird were unsuccessful in gaining significant market traction. The Merger
On July 25, 2XX8, Darwin and Thunderbird merged into Phoenix, the surviving entity.
Phoenix issued its common shares to the shareholders of Darwin and…...

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