Build to bye-bye

Versant Ventures last week saw its first build-to-buy company get taken out by Celgene Corp. (NASDAQ:CELG) and another enter into a partnership with Celgene, but the VC doesn't expect its recently closed fifth fund to dramatically ramp up such deals vs. its prior fund.

The reason, said Versant's Brad Bolzon, is "de novo deals of this sort take significant time and resources. We need to be selective about the programs we wish to construct around the model and about choosing the partners wisely." ...