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Biotech Posts Strong Third Quarter Performance as Capital Markets Go on a Tear
Date:10/1/2010

nol mill conversion to integrate its technology.

Year-to-date there have been eleven biotech IPOs, three in the third quarter, and their average market performance as of the end of September was down 24 percent.

Public company financings soft

"Analysis in our Burrill Report shows that, apart from debt financings, all other financing vehicles were down a collective 50 percent compared with the second quarter of 2010," noted Burrill. "Follow-on financing and IPOs were down quarter-over-quarter however, padding the data was the $7.2 billion raised in debt financing bringing the total raised in the third quarter to $9.5 billion."

"Venture capital financing continued to flow to U.S. biotech companies with $1.3 billion raised from about 90 deals announced in the third quarter and the U.S. biotech industry is on track to raise over $20 billion by the end of the year."

Partnering continues to be hot

Of the partnership deals that disclosed their financial terms, a whopping $9.6 billion was collectively raised in the third quarter of 2010 by U.S. biotech companies – up 8 percent on the $8.9 billion raised through partnership deals in Q2 '10.

"We are on pace to equal last year's record-setting total for partnership dollars," said Burrill, "an incredible amount given the uncertain economic environment. Big pharma's appetite for biotech innovation continues unabated."

BY THE NUMBERS

(Compiled by The Burrill Report*)

  • The industry closed the month with a collective market cap of $350.48 billion (up 9.8 percent for the month, up 6.8 percent for the quarter and up 0.4 percent for the year)
  • Top five biotech companies by market cap are: Amgen ($52.82B, share price up 8 percent in September, up 4.7 percent for the quarter and down 3 percent YTD), Gilead Sciences ($29.86B, share price up 12 percent for September, up 3.8 percent for the quarter and
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SOURCE Burrill & Company
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