Biotech Money, Where Art Thou?

 
• By Chris Morrison

While public biotech funding in the US in 2003 outpaced private funding by more than five to one, the smaller financing picture in Europe tells a different story.

US biotech funding continues to dramatically outpace Europe on all fronts—public and private, product and platform, large and small. No surprise there: most of Europe's biotechs are far less mature than their US counterparts, Europe has fewer specialist investors, and general risk aversion means there's barely any generalist investor interest in the sector.

But while public biotech funding in the US in 2003—at over $11 billion according to Windhover's Strategic Intelligence Systems Databases—outpaced...

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