SAN FRANCISCO, Dec. 1 /PRNewswire/ -- The Burrill Biotech Select Index managed to claw back almost half the value it lost in October. The Select's gain of 4.5 percent mirrored what was also an excellent month for the general markets with the Dow up 6.5 percent and the NASDAQ up 4.8 percent in value. The gains held firm in the final two trading days of the month despite investor worries about sluggish Thanksgiving holiday shopping and Dubai's reported debt woes.
Almost all members of the Burrill Biotech Select Index saw their share values increase. Leading the group were Amylin Pharmaceuticals, Vertex Pharmaceuticals, and Biogen posting share jumps of 28, 15 and 10 percent respectively. On the negative side of the list were Illumina (-10 percent) and Affymetrix (-10 percent), whose shares continued to languish from soft sales outlooks reported in their third quarter financials in October.
"As we head into the final month of the year, biotech is poised to close in positive territory," said G. Steven Burrill, CEO, Burrill & Company, a San Francisco based global leader in life sciences with activities in Private Equity, Venture Capital, Merchant Banking and Media. "Although there is still some residual investor nervousness about the strength of the economic recovery there is no doubt that the markets are back on track and the biotech industry will certainly benefit from this in 2010.
"Biotech is also benefiting from big pharma's willingness to pay for its innovation. Partnering revenues have been a staple for many biotech companies throughout the year and, as a result, we are likely to see a record amount raised by US biotechs by the close of 2009," noted Burrill.
One headline deal in November, potentially worth $1 billion, involved Alder Biopharmaceuticals and Bristol Myers Squibb covering the development and commercialization of ALD518, a novel biologic that has completed Phase IIa development for the trea
|SOURCE Burrill & Company|
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