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Biotech Industry Showing Resilience Despite Challenging Conditions
Date:4/28/2010

the US market due largely to the adoption of new cost-cutting and efficiency measures.
  • Revenues of listed biotech companies fell by 9% to US$79.1 billion in 2009 from US$86.8 billion the prior year. The bulk of this decline was due to the exclusion of Genentech in 2009 as a result of its acquisition by large pharmaceutical company Roche. If Genentech is excluded from both years, industry revenues would have grown by 8%.
  • Capital raised increased sharply in 2009. Companies in the US, Europe and Canada raised US$23.2 billion in 2009, a 42% increase compared to 2008. A significant portion of this capital was raised by a handful of established public companies in follow-on offerings, as access to capital for many companies remained scarce.  
  • Strategic alliance activity remained robust -- in line with the record-breaking totals seen in the last couple of years. On the M&A side, with the exception of the Genentech transaction mentioned above, there were only three acquisitions larger than $US1 billion, due in part to several mega-mergers in big pharma, the buy side of most biotech deals.

    • "The European biotech community showed great fortitude in meeting the challenges of the economic downturn, with only a small reduction in the number of public companies," said Jurg Zurcher, Ernst & Young's Biotechnology Leader for Europe, Middle East, India and Africa. "With R&D funding essentially flat in 2009, European biotechs and their counterparts globally need to balance the need for cost cutting with ensuring they do not impair their ability to
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    SOURCE Ernst & Young
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