Silicon Valley Bank (SVB) has issued a report that explores health-care and biotech investments and exits based on 2013 data and concludes, “Large biopharma companies are essentially outsourcing early-stage R&D by investing heavily in young venture-backed companies and as significant investors into Healthcare Venture funds. Among big M&A exits (defined as private, venture-backed M&A with upfront payments of $75 million or higher for biopharma deals and $50 million or higher for device deals): The average total deal value for biopharma big exit M&A was $549 million in 2013, the highest level since SVB started tracking the data in 2005, and it represents a 10 percent increase over 2012. Device big exit M&A activity declined, but the average total deal value was $231 million in 2013, a three-year high, which represents a 42 percent increase over 2012.” Noting that 2013 was the year of the initial public offering (IPO), SVB analysts predict “healthy access to capital in 2014 and into 2015. While IPO activity is cooling in these sectors, we expect to see an increase in big exit M&A activity in the second half of the year.” See Silicon Valley Bank News Release, July 30, 2014.