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Biotech Continues Upward Climb in October
Date:11/1/2007

SAN FRANCISCO, Nov. 1 /PRNewswire/ -- On the heels of a positive third quarter, the biotech industry continued its upward climb in October, even in the wake of eroding consumer confidence about the state of the economy and interest rate jitters as the markets drew to their month end close. The Burrill Large-Cap Biotech Index, for example, rose an impressive 6.1% in October -- in step with the NASDAQ, which was up 5.8% and well ahead of the DJIA which was unchanged.

"Entering the final two months of the year, biotech is in good shape," said G. Steven Burrill, CEO, Burrill & Company, a San Francisco based global leader in life sciences whose principal activities are in Venture Capital, Merchant Banking and Media. "Investors had a great deal to keep them interested in biotech during the month...in particular, Biogen Idec, which put itself 'up for sale' raising speculation that big Pharmawill go on an end-of-year buying spree adding large biotech companies with strong product pipelines to boost their own portfolios. And M&A transactions have picked up once again with several deals announced including the Galenica Group buying Canadian-based Aspreva, and Perkin Elmer picking up umbilical cord blood banking company ViaCell in a transaction valued at about $283M.

"Barring some dramatic unforeseen changes, the strong performance of the industry in the public markets will continue until the end of the year principally driven by biotech's emerging and elite companies," Burrill added.

"The Burrill Biotech Select Index performance is up 17.5% since the start of the year and is on track to equal its stellar annual 22% gain two years ago. At that time Amgen and Genentech led the charge...now with their share values down 15% and 9% respectively year-to-date other companies such as Gilead Sciences (up 42% YTD) and Illumina (up 43%) have picked up the slack and this demonstrates just how many successful biotech companies the industry now has," Burrill noted.
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SOURCE Burrill & Company
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