Plus news on recent financings by Foundation Medicine, Ultragenyx, Labrys Biologics, Solstice Biologics and Sarepta Therapeutics.

Since its acquisition of Digene in 2007, Qiagen's business mix has shifted significantly towards molecular diagnostics even as the company remains true to its founding premise of making things simpler for customers. It has broadened its skill set in nucleic acid analysis with multiple acquired and licensed technologies for platform development while focusing on high volume tests in women's health and infectious diseases and new ties with pharma. Expect its acquisition pattern to continue.

2009 was the most difficult year the device industry faced in a long time, particularly given the boom years that preceded it. Public and private investors grew nervous and sat on the sidelines, as did most corporate acquirers. As a result, most start-ups found it difficult to raise money and VCs were frustrated by the poor returns being generated, especially compared with the previously frothy climate. The silver lining may be that there are signs that the economic environment may be improving and that corporate acquirers will continue to pay a premium for the right deal. Overhanging all of this, however, is the specter of health care reform and its impact on the device industry, whether through a device tax, comparative effectiveness or some unanticipated other result, meaning the industry is far from out of the woods.

2006's most intriguing Series As reflect VCs' continued emphasis on risk reduction through reprofiling in biotech, and big gains in funding for diagnostics and device start-ups.