In the past, venture capitalists generally had as much control over the window for initial public offerings as they did over the weather. The openings for public offerings would come and go, depending mostly upon macroeconomic qualities that either seeded rain clouds or cast them away. Venture capitalists acted accordingly, making their hay on the public markets when the sun shined, knowing they had no control over the storm clouds’ eventual return.
Deep in its second year of rainy days and cloudy skies, the venture capital industry--including many in the life sciences--is...
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