MPM Isn't BlinkingSarah Lacy
Three years ago eyebrows were raised when MPM Capital raised its $900 million BioVentures III—-the largest venture fund ever to be focused solely on lifesciences. Today, many lifesciences VCs are despondent. As we’ve noted here before, coming up with a winning business model is tough in an environment where startups need $90 million to get to become a thinly-traded $200 million public company. IPOs haven’t done nearly as well as industry boosters expected back in the beginning of the year and last quarter venture capitalists invested 31% less in lifesciences deals.
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