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Spin-Out Step-Ups Reflect Bulk, Not Risk

This article was originally published in Start Up

Executive Summary

An analysis of a group of Big Pharma and big biotech spin-outs, which tend to raise more private money than their build-from-scratch bretheren, shows that while these firms are certainly heftier--and often considered better equiped to succeed in the public markets--their pre-money step-ups are in the end, nothing special.
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