Obvious in hindsight: On financings, pricing uncertainty, and early access to data

It’s fairly typical for companies to share confidential data with investors of their choosing before completing financing transactions, before publicly disclosing the data or the financing. How is this fair? Shouldn’t everyone get a chance to see the data so that no investor gets a better deal than anyone else? Peter Kolchinsky and Sarah Reed break down what’s allowed, what’s common, and what’s logical.