Equity Research vs. Financial Modeling

I have the opportunity to work in the equity research dept. for a bank, or to work for a bio-tech firm doing financial modeling. Both positions would be a over the course of the summer as an internship, but I wondered how these experiences would be viewed by others when I apply for a full time ibanking position. Is it very important that I have experience in financial modeling? even at a non-bank? It would mostly be capital budgeting for projects and work of that nature. Is experience in equity research highly regarded? I am just looking for some feedback on which way I should go with the opportunities available to me, all firm reputations aside.

Thanks in advance.

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