In the first half of 2008, not one company completed a life sciences IPO, while many more firms were acquired for substantial sums by big pharma or other biotech companies. Of those firms who did go public in past years, few have successfully kept their stock prices above their initial offerings. Are IPOs still good options for achieving profitable exits for early investors, or should biotech companies focus on selling themselves to larger companies? And if the latter, at what stage in their growth and development should those sales be made for greatest returns?

• Describe the range of strategies and companies are pursuing to achieve exits along with detailed examples
• Offer insights into how to position a company to enhance its opportunity for a successful exit
• Provide perspective on the current financial environment for IPOs, acquisitions and other exit vehicles