Follow-on deals slowed in the second half of 2011,
with only 25 deals completed for $1.2 billion vs. 54 deals for $3 billion in
1H11. For the year, follow-ons raised a total of $4.2 billion, more than the
$3.5 billion raised in 2010, but still below the $6.2 billion raised in 2009.
The follow-on group is down a median of 6%, but a few companies - notably in
the HCV space