Increased innovation in the academic sector have VCs optimistic for the future, but guardedly so due to dwindling exit strategy options, the lack of an IPO market, and pending public policy that might adversely affect the tax situation surrounding long-term investments.
CVS Caremark is increasing its investment in Generation Health for an undisclosed amount. Additionally, the CEO of the genetic benefits management firm, Per Lofberg, will now take over as president of CVS Caremark's PBM division.
The acquisition "offers Abbott entry into new market segments, such as forensics, microbiology, and public health, which are new and complementary to Abbott’s existing diagnostics businesses," an Abbott official said.
The companies touted the financial benefits of the transaction, but it appears that the establishment of a broad drug-delivery portfolio attractive to prospective big pharma partners was the primary driver of the deal.