The average market capitalization of the top quoted biotechnology companies in each of the various European markets declined by between 20% and 45% in the year beginning September 1, 2001. (Average market cap in each territory is calculated by averaging the share price of the highest cap biotech companies in that territory and multiplying by the total number of outstanding shares, see details on chart.) Although the average decrease in market cap among the 16 European companies surveyed is 44.5%, there are noticeable geographic variations.
The German market has been the hardest hit, with a mean 55% loss in market cap, reflecting the relative immaturity of the country's biotech sector and the illiquidity of the...
