When Trade Secrets Drive M&A featuring Ray Miller

In this episode of Reasonable Measures, Chris Buntel welcomes longtime colleague Ray Miller, Partner at DLA Piper and Chair of the Life Sciences practice, to discuss the evolving role of trade secrets in mergers and acquisitions. While patents once dominated due diligence, the conversation highlights how know how, key employees, and trade secrets now often carry more value than formal IP rights. Chris and Ray reflect on past transactions where the real “magic” was not in patents but in the undocumented processes and expertise held by individuals.They explore practical considerations for both buyers and sellers, including policies, trade secret inventories, employee retention, and regulatory interactions. The discussion also touches on the increasing risks of disclosure through government transparency, the rise of trade secret only transactions in areas like AI, and how organizations consistently underestimate the number and importance of their trade secrets.