In Vivo is part of Pharma Intelligence UK Limited

This site is operated by Pharma Intelligence UK Limited, a company registered in England and Wales with company number 13787459 whose registered office is 5 Howick Place, London SW1P 1WG. The Pharma Intelligence group is owned by Caerus Topco S.à r.l. and all copyright resides with the group.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By


Call the Plumber: PIPE Logic is Leaky

Executive Summary

Extraordinary times for capital markets have made cheap public biotechs attractive to venture investors. These private investments in public equity (PIPEs) are seen by some as a lifeline to a troubled and undervalued sector, and many VCs are considering significant public investments. But few deals are likely to get done as venture funds set a high bar for investment, regardless of fire-sale prices. Recipients of large PIPE deals may indeed provide venture-like returns for private investors, but an analysis of these financings shows why they are the exceptions that prove the rule.

You may also be interested in...

Financings Of The Fortnight: Hybrigenics, Neurocrine, Xoma, Zogenix, Seaside

Creative, non-dilutive financings highlighted the fundraising activity over the past two weeks.

Financings Of The Fortnight: PIPEing Hot Returns?

Novelos Therapeutics and Purdue Pharma's private placement agreement is among notable biotech financings from the past few weeks.

Deals Of The Week: LeoPharma/Peplin; Bayer/Algeta; Roche/PTC Therapeutics

Each week, "The Pink Sheet" presents commentary on some of the week's most interesting business deals, contributed by the editors of the IN VIVO blog. Visit the blog at 1

Related Content


Related Deals

Latest Headlines
See All



Ask The Analyst

Ask the Analyst is free for subscribers.  Submit your question and one of our analysts will be in touch.

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts