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First of a three case series designed for two sessions (A and B & C) examining the process of building a successful venture capital investment. In 1983 a venture capital investment syndicate decides to invest in a Dutch generic pharmaceutical business, with the intention of building a European generics company. Two years later the Dutch business is successfully floated in the US, but the business then runs into management problems. The company's overall performance is saved only by the fortuitous acquisition of a Belgian non-generic pharmaceutical business and the subsequent appointment of its management to run the whole group. By 1987, following a further Belgian acquisition, the company appears well placed for future growth. However, the share price is trading at a high level and the venture capital syndicate decides on balance it is time to exit from their investment. The stock market crash intervenes and the share price halves. What should the syndicate do now?