The Burrill Report (October 2, 2009): The Search for New Financing Models for Biotech (.MP3,13.24 Mb)

In a recent commentary in Nature Biotechnology, Bruce Booth, partner with Atlas Ventures, argues that the days of the IPO market offering biotech companies cheap capital, and liquidity for its investors, are over. While many people are now focused on whether the IPO window is returning for biotechs, Booth argues that early-stage investors need to develop new models that don’t rely on IPOs as an exit. We spoke to Booth about lessons from the last IPO window, why it dampened rather than fostered innovation, and why he sees structured buyouts as the answer.