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Volatile Economy / Fundraising Challenges Encourage Business Combinations Among Biotech Companies According to New Survey from CPA Firm Rothstein Kass
Date:2/3/2009

arge of Rothstein Kass' national commercial services practice. "The sudden and pronounced shift in the global economy has caused many investors to favor wealth preservation over aggressive wealth creation. In this environment, biotech companies are much more likely to seek out business combinations that can streamline operations while reducing overhead. The sector is also likely to attract increased interest from larger pharmaceutical companies looking for bargains among depressed valuations."

"Plumbing the Depths" is based on interviews with over 700 firms across a broad cross-section of the biotechnology industry, including companies focused on medical, agricultural, industrial and environmental purposes. Participants were required to have at least $5 million in seed capital, operations spanning three years or more, and be actively seeking additional funding for their businesses. Firms were segmented by both length of operations and available capital. The report was co-authored by Russ Alan Prince, a leading authority and counselor on private wealth, and Hannah Shaw Grove, a widely recognized expert on behaviors and finances of high-net-worth individuals. Notable findings include:

  • Biotechnology companies are almost universally in accord that current economic conditions will make it harder to raise money. Nearly 99 percent of November participants agreed, compared with just under 90 percent in September
  • In both the September and November surveys, roughly three-quarters of respondents predicted that there would be fewer biotechnology start-ups in 2009
  • Over 90 percent of firms in September and above 96 percent of November participants indicated that government sources of funding to the industry will diminish

"The need for biotech firms to pursue strategic alliances will be heightened by continuing weakness in U.S. IPO markets. For many
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SOURCE Rothstein Kass
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