Although biotech stocks ended up and companies raised a record $49 billion last year, excluding partnership monies, nearly three-fourths of that total came from debt deals. Moreover, $32.3 billion of the debt was issued by only 11 public companies. Amounts raised from initial public offerings (IPOs; $972.7 million), follow-ons and private investments in public equity (PIPEs) were meager, nearly a third less than totals in 2007, whereas debt raised dwarfed previous years. Private companies raised $5.5 billion in 2011, up 6% from 2010.
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Yang, W. 2011—Big biotechs gorge on debt. Nat Biotechnol 30, 127 (2012). https://doi.org/10.1038/nbt.2119
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DOI: https://doi.org/10.1038/nbt.2119
