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Buying big into biotech: scale, financing, and the industrial dynamics of UK biotech, 1980--2009

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Figure

Figure 1 VC investment and expected returns based on the time cost of capital. Source:Hopkins (2012) based on author’s own data.
Figure 2 Number of firms detected by founding year vs. publication years of data sourcesused.
Figure 3 Finance raised by firms from the different sources of funding. Source: companyreports (available for 210 of 247 firms—small firms are exempt from reporting).
Figure 4 The funding route of the UK therapeutics firms founded in the 1980s.
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