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Record Venture Capital and Heated Deal Environment Propel Global Biotechnology Industry Forward in 2007
Date:5/19/2008

r US$300 million -- less

than 0.5% of revenues and the closest it has come to overall

profitability in its history.

-- The US industry raised an all-time high of US$5.5 billion in venture

capital, about US$2 billion more than the previous record.

-- Approvals by the US Food and Drug Administration (FDA) for both

pharmaceuticals and biologics slid precipitously in 2007, with the

lowest number of new molecular entity (NME) approvals in over two

decades.

Europe

-- The European industry's revenues declined in 2007 because of the loss

of publicly listed biotech giant Serono, which was acquired by Merck

KGaA. Without this acquisition, public companies revenue growth would

have been 20%. After years of lackluster growth, the European sector is

sustaining robust financial performance.

-- The industry raised a total of euro 5.5 billion, an increase of 18%

from euro 4.6 billion in 2006.

-- The number of products in the clinical pipeline -- including those in

preclinical and clinical development -- increased by 9%, climbing to

1,712 in 2007 from 1,576 in 2006.

Asia-Pacific

-- Asia-Pacific biotechnology industry revenues grew by 21% and net loss

declined by 98%, causing the industry to essentially break even. The

strong performance was driven by the Australian sector, where the

largest firm, CSL, had a very strong year.

-- There was a marked increase in IPOs, which brought in more than US$750

million. Eight companies went public in Australia and five Chinese

companies listed on US exchanges.

About Ernst & Young's Global Biotechnology Center

Today's rapidly changing biotechnology industry is delivering new levels of health, prosperity and sustainability. But it is also facing unprecedented challenges. Ernst & Young's Global Biotechnology Center brin
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SOURCE Ernst & Young
Copyright©2008 PR Newswire.
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