“…while the number of VC-backed M&A exits is in line with prior years (~25 per year), the value both in terms of upfront and full “biobuck” (~milestones) potential have reached new highs, topping over $5 and $8 billion, respectively.”
“…these trends have led to a very robust and positive return trend. Return multiples have almost tripled since 2005-2007 on overall deal multiples, and have more than doubled on the upfront multiples.”
Source: Bruce Booth, “Data Snapshot: VC-Backed BioPharma M&A 2014,” Forbes, 2/3/15
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