Public investors undeniably prefer companies with products in or near clinical trials. And that's clearly re-focusing European VCs—whose past investments largely tapped into the platform-oriented scientists and entrepreneurs who created the majority of European biotechs. "When we started in '01, in the midst of the bursting genomics bubble, we were still talking technology," notes Michael Steinmetz, PhD, a partner at MPM. "But not by '02. It was clear then that the focus had to be on product plays."
VCs by then needed to see more self reliant businesses, adds TVM's Helmut Schühsler, "as opposed to $60-70 million long-term...
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