With funds and firms closing, a new reality awaits those who survive until the next economic upswing. Some of the elements are already in place, such as VCs' willingness to take capped returns and exits via risk-sharing contingency-based acquisitions. The emphasis on capital efficiency may change the types of companies VCs can afford to back, and corporate funds are now a vital part of biotech venture, especially in the early stages.
by Alex Lash
Whether the economy recovers or derails into recession again, it's becoming clear that the drug world, and especially the financing...
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