Sam Brusco, Associate Editor01.02.23
Pixium Vision has received a favorable judgment from the Paris Commercial Court in a case brought against Second Sight Medical Products (renamed Vivani Medical) after the latter’s withdrawal from a proposed business combination between the two companies in April 2021.
Second Sight was found to have breached contractual obligations under the memorandum of understanding (MoU) entered into between the two firms in January 2021, by requesting an investment banking firm carry out a transaction in competition with the one contemplated under the MoU.
As a result, the court ordered termination of the MoU on the grounds of Second Sight’s sole breach. The court also ordered Second Sight to pay Pixium €2 million for expenses incurred connected with the proposed business combination. €500,000 will also be paid for Pixium’s image and reputational damage and €30,000 pursuant to Article 700 of the French Code of Civil Procedure, as well as all costs of the suit.
The Paris Commercial Court also ruled this total amount of €2.53 million is to be reduced by $1,000,000 (converted into euros at the exchange rate on December 8, 2022, i.e., about €950,000) that Pixium had already received from Second Sight in April 2021.
The court’s decision is subject to appeal.
Second Sight was found to have breached contractual obligations under the memorandum of understanding (MoU) entered into between the two firms in January 2021, by requesting an investment banking firm carry out a transaction in competition with the one contemplated under the MoU.
As a result, the court ordered termination of the MoU on the grounds of Second Sight’s sole breach. The court also ordered Second Sight to pay Pixium €2 million for expenses incurred connected with the proposed business combination. €500,000 will also be paid for Pixium’s image and reputational damage and €30,000 pursuant to Article 700 of the French Code of Civil Procedure, as well as all costs of the suit.
The Paris Commercial Court also ruled this total amount of €2.53 million is to be reduced by $1,000,000 (converted into euros at the exchange rate on December 8, 2022, i.e., about €950,000) that Pixium had already received from Second Sight in April 2021.
The court’s decision is subject to appeal.