| After a year of revaluation and restructurings, the biotech industry is more focused, more integrated and more prepared for tomorrow's challenges. Having been in Wall Street's penalty box for the entire year, the publicly traded biotech sector has finally bottomed out, reversing its downward trend. Market capitalisation for the biotech industry rose from $219 billion at the end of October to $225 billion as of 9th December 2002 - an increase of 3% for the month and a half. Yet biotech is down dramatically from its February 2000 high of $490 billion (down 54%), also down by 47% from its 2000 year-end market cap of $422 billion and its starting 2002 market cap of $382 billion (down 41% this year to date). |
