| As 2002 closes and a new year begins, these are indeed interesting times for the global biotech industry. Large pharmaceutical players, variously reeling from generic competition battles and regulatory setbacks, appear to be clamouring for the accolade of 'partner of choice' for ideally later, but increasingly earlier stage, quality biotech deals. One thing's for sure: there's value to be had out there at the moment. The only trouble is we are not making the most of it. Pharma companies are increasingly struggling to apply their resources (especially due diligence) to the right deals in anything like a timely manner. The VC community is battling to maintain value in existing portfolios for as long as it takes - and in the face of an IPO window so shut that a ray of light (such as a real product success) is about as likely as a lack of rain in London! |
