Endpoints: When VCs hand out mega-rounds to Vir and Gossamer, are they betting on the jockey or the horse?

“Following a period of unprecedented returns for biopharma investors, flush VCs are sinking bigger and bigger rounds of cash into companies whose pipelines are still in their infancy. Taking this trend to a new level is an increasingly popular move to back biotech executives who are known to be star performers with mega-rounds rising north of $100 million – even if their pipelines lack a star program.”

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