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Market Capitalization – Big Pharma - Milken Institute

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Exits<br />

Then Now<br />

Exit via IPO Acquisition by other biotech<br />

or large pharma<br />

Reduce risk while Reduce risk<br />

maintaining “home run”<br />

potential<br />

5 <strong>–</strong> 10 year holding periods 3 <strong>–</strong> 5 year holding periods<br />

PSBF

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