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Year In Review: Biotech Industry Not As Optimistic About Financing As Analyst Community

Executive Summary

After a bleak 2009, it is not difficult to find market analysts who anticipate a much brighter picture for biotech finance in the new year - but those sentiments are not always echoed by the people on the ground. Venture capitalists and high-ranking biotech executives still see a world of tight money and dubious exit potential for investors with continued reliance on merger and acquisition activity for the near-term

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With no public market to provide competition, the theory among biotech's optimists was that Big Pharma would step in and buy lots of bargains. But cheap prices and easy availability haven't increased drug company appetites: They will only buy what they really want. Deal volumes, both for M&A and alliances, are falling, while Big Pharma has learned to put more of the risk back on biotech. What will change this dynamic, putting more bargaining into biotech hands, is the revival of the public market - and there are hints that such a revival may be on the way.

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