| Times are not just tough, they have changed - a stark message but one interpretation of the environment that the European biotechnology sector faces today. As the chillier weather sets in and the hectic autumnal partnering season approaches, it will be interesting to hear whether some of the predictions and sentiments voiced within this issue receive further air time on the partnering conference stage. By volume of companies and people employed, as well as private equity investment, the European sector continues to grow strongly as reflected in DeLoitte & Touche's recently launched annual Mediscience Report, reviewed in this issue. However, the majority of this growth is within established companies, trying to progress technologies towards products and build value and sustainable critical mass 'until' the IPO window opens again. Therein seems to lie perhaps the more fundamental environmental change as institutional investors continue to show less than a glimmer of interest in biotechnology stocks. |
