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BIOTECHNOLOGY
Having spent 2002 in Wall Street's "penalty box," the publicly traded biotechnology industry is on its way back up, according to an end-of-the-year market overview by Burrill & Co., a life sciences merchant bank. Market capitalization for the sector rose from $219 billion at the end of October to In a year marked by ImClone's Erbitux debacle and Elan's reorganization in the wake of accounting practices scrutiny, biotech firms have managed to close numerous financing deals, raising nearly $10 billion. Amgen's $2.25 billion debt offering in the first quarter of 2002 led the action. Venture capital flowing into the sector has reached $2.6 billion so far this year, up from $2.4 billion in 2001. Burrill says 2002 will be a record year for venture-capital investment. He says the year ahead is promising, given a record-high 370 biotech drugs in clinical trials or awaiting approval, billions of dollars in federal funding for biodefense projects, and continued breakthroughs in life sciences chemistry. Despite renewed strength, Burrill says capital markets will remain volatile in 2003, and restructuring and company delistings will continue, particularly over the next six months. He also predicts more than a dozen initial public offerings next year. |
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