VC adds billions in its pursuit of biotech ventures

U.S. biotech and medical device companies raised a record $9.1 billion last year, 20 percent more than the year before, according to a new report from PricewaterhouseCoopers and the National Venture Capital Association. And industry insiders were quick to pinpoint Big Pharma's pipeline woes as the reason why VCs are acting so bullishly these days. Biotech/medical devices scored almost a third of the $29.4 billion invested by venture capitalists last year--up 11.1 percent overall. In a sense, money-hungry biotech companies and cash-rich pharma outfits make for a perfect match. VCs haven't lost sight of that fact.

- check out the report from Red Herring

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