Limited partners have been
complaining for years they are putting more money into life science ventures
than they are getting out. But if the M&A returns for 2011 are maintained,
the trend could be reversing.
The amount of cash returned to
VCs from private M&A deals in 2011 surpassed the total amount of capital
invested into private biotechs - a feat that hadn't occurred in the prior five
years, according to an analysis by Atlas Venture's Bruce Booth.