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