Biopharma VC Exits 2005-2007: Cheap IPOs, Expensive Acquisitions

Over the past three years, acquisitions have outperformed IPOs in terms of step-ups and total value. Here we take a look at the average valuations each year for the two exit categories. The figures suggest that although IPO is the logical exit, in most cases investors will advocate exploring M&A almost all of the time as well.