By Christopher Morrison and Nancy Dvorin
IPO valuations in 2005, particularly on the biotech side, continued to disappoint; as such, fewer companies than in 2004 could afford to tap the public markets. Not that there weren't plenty of exits: the past year has been a bumper one for the acquisition of private biotechs and, in general, the returns earned by venture investors have been nothing to sniff at. (See "Trade Sales Trump IPOs, Even for Platforms," START-UP, September 2005 Also see "Trade Sales Trump IPOs, Even for Platforms" - Scrip, 1 September, 2005.
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