Choose One, Not Both: Why Balanced Biopharma Funds Stumble
This article was originally published in Start Up
Executive Summary
By the end of this year, three major US venture firms---JP Morgan Partners, the American affiliate of Apax, and MPM Capital--will be transformed. Their partners are leaving; their strategies are changing. And their stories are all marked by their common failure to combine early-stage biopharmaceutical venture capital with later-stay growth capital and buyouts into so-called "balanced funds."