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Exelixis Fishes Artemis Out of the Ice of Germany's Biotech Winter

Executive Summary

Exelixis Pharmaceuticals Inc.'s acquisition of its Artemis Pharmaceuticals GMBH affiliate makes strategic sense. But the bargain price paid sends a clear and frightening signal to investors in German start-ups: the real values of some of these companies--even some of those with the highest profiles--may be approaching fire-sale levels.

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