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Biotech Drops on Weaker First Quarter Drug Sales, But Broader Markets Remain on a Roll
Date:5/1/2009

including Revlimid, due to the global recession.

"It is not just biotech that is feeling the pain of the economic downturn; IMS Health has reported that it now expects the global pharmaceutical market to grow by an anemic 2.5 percent to 3.5 percent in 2009, down 2 percentage points from the forecast it issued six months earlier, and the lowest growth rate in at least 25 years," noted Burrill.

Industry Market Cap

According to the latest Burrill Report, there are 342 biotechs that are publicly traded on major US markets at the end of April with an aggregate market cap of $287.4B (down one percent in the month). There are 43 companies that have market caps greater than $1B. Jumping into the "billion dollar club" was Dendreon whose shares doubled following the detailed study results for its prostate cancer treatment candidate Provenge, which met its goal of prolonging the survival of men with prostate cancer.

The Burrill Report also found that:

  • 135 public biotech companies are trading with less than one year of cash (42% of these have less than 6 months of cash)
  • 69 are trading below their cash level
  • 53% have market cap below $100M
  • Over 100 companies have announced a corporate restructuring by slashing staff and putting promising projects in the refrigerator.

The Burrill Report

The publication tracks the progress of the global biotechnology industry. It consists of a quarterly digital magazine focused on revealing the people, technologies, financings, and strategies behind the life sciences industry's next success stories. The May 2009 edition includes the Q1 2009 analysis of biotech on the capital markets as well as the financings, partnerships and M&A transactions completed. (www.burrillreport.com)


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SOURCE Burrill & Company
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