Life sciences industry reaches crossroad
26/03/2008. Even as investors maintain their strong interest in the life sciences sector, industry stakeholders are facing tough decisions, according to law firm Pillsbury Winthrop Shaw Pittman.

Food for thought
19/03/2008. Healthy foods have become a staple part of the modern consumer's diet, writes Gill Wadsworth of August Equity. But what investment opportunities does the growth in sales of 'superfoods' and nutrition supplements provide?

The Care Necessities
02/01/2008. Experts agree healthcare would benefit from more private money and ownership - but with limited targets and high prices, investors need to be cautious and well informed, writes Dominic Graham of August Equity.

Healthy Returns
19/12/2007. Can private equity provide a crutch for the ailing NHS? Tim Stafford of August Equity gauges the mood of healthcare backers and advisers to chart the investment opportunities of the future.

How to avoid ruining a successful exit
17/10/2007. The consequences of a poorly structured investment can be severe – even to the extent of impeding a potential buyout. In this IVCJ article, Mimi Zemah, partner at law firm of Zellermayer, Pelossof & Co., explains how VCs can avoid mistakes that can negatively impact a portfolio company’s eventual exit.

2007 VC investments exceeding the prior year
10/10/2007. Mid-year data shows 2007 VC investments are exceeding the prior year, says Healthcare Corporate Finance News. According to Healthcare Corporate Finance News, venture capital firms invested $2.3bn in health care companies during the second quarter ended June 30, 2007, bringing the total for the first half of the year to more than $5.1bn.

Burrill reports biotech hit by jitters in July 2007
10/10/2007. Biotech had to weather a bumpy ride in the wake of nervous investors and skittish general markets, says G Steven Burrill, CEO, Burrill & Company. It was a slow month for biotech IPOs with only ImaRx Therapeutics, which is developing novel therapies for vascular disorders associated with blood clots, pricing three million shares at a revised price of $5 per share.

Medical device firms can boost their chances of success
10/10/2007. The fastest growing population among developed nations today is the over 60 age group, which, according to a recent United Nations study, is expected to account for a full one-third of the population by 2050. This ageing population is characterised by increased healthcare demands and a desire to improve life quality, driving growth in innovative medical developments. An innovative technology, however, does not guarantee success in the marketplace. Elka Nir, Managing Director-Life Sciences of Giza Venture Capital, and a veteran medical devices industry executive, describes what it takes to turn a promising technology into a successful medical solution and a major business opportunity.

Israel at forefront of stem-cell research
19/09/2007. Israeli companies are hoping to capitalize on the discoveries emanating from its world class stem-cell research. In this IVCJ article, Wendy Elliman looks at the accomplishments of Israel’s leading research institutes along with commercial efforts that are on the horizon.

Israeli technology tackles obesity
12/09/2007. There are 60 million Americans who are spending over $100 billion annually in the hope of winning their war against obesity, this IVCJ article states. Worldwide, the figure for overweight and obese adults is closer to one billion. In this IVCJ article Rachelle Gershovitz examines what Israeli companies are going to combat this weighty healthcare issue.

Israel's life sciences sector is coming of age
05/09/2007. Israel's life sciences sector is coming of age, and venture capitalists are taking notice. In this IVCJ article, Zeev Holtzman, founder and chairman of Giza Venture Capital, describes the developing interest in Israel's life sciences industry, which has the potential to emerge as an important global factor.

Biotech establishes new records in April
01/08/2007. The biotech industry has been growing steadily since its last down cycle ended in 2003, points out Burrill & Company. The growth is even more remarkable, they say, when you take into account the fact that several leading biotechnology companies, with multibillion dollar market caps, have been acquired by big pharma and their market cap value removed from the industry's collective total.

Global Biotechnology Report 2007
20/06/2007. Strong product pipelines and product success, record-breaking financing totals, unprecedented deal activity and impressive financial results mark historic industry advances, according to Beyond Borders: Global Biotechnology Report 2007, Ernst & Young's annual report on the biotechnology industry.

US biotech remains flat in May 2007
13/06/2007. It was a relatively good month for US biotech IPOs with four companies getting their IPOs done in May: Sirtris Pharmaceuticals, which is developing drugs to treat age-related diseases including metabolic diseases such as type 2 diabetes; Biodel, which is developing new treatments for diabetes and osteoporosis; Helicos BioSciences, a genomics company; and NeurogesX, which is developing novel pain management therapies.

Venture capitalists invest record amount in health care in Q1 2007
06/06/2007. Venture capitalists invested $2.8bn in health care companies during the first quarter ended 31 March 2007 — more funding than we have ever recorded for a single quarter. Total health care venture capital spending increased by more than 26 per cent during Q1:07, compared with the year-ago quarter, as well as the third and fourth quarters of 2006, each of which saw $2.2bn raised.

US biotech deals continue to flow
23/05/2007. The amount of venture capital generated by biotechs in Q1 2007 was up 33 per cent over the Q4 2006 period and 100 per cent greater than the comparative period one year ago, says Burrill & Company. The 56 reported deals in the quarter averaged about $21m per investment, an amount that has held steady for several quarters.

Biotech weathers a storm in February
09/05/2007. The IPO market is still weak for biotechs, says Burrill & Company. Despite the fact that five biotech IPOs were completed in February 2007, only 3SBio Inc., a Chinese biotech company, priced its IPO of 7.7 million American depositary shares at $16 each, above their announced pricing range. The remainder had to ameliorate their expectations.

Midwest Health Care Startups Raise $564 Million Through Q3 2006
22/03/2007. Investments Up 36% From 2005; Minnesota, Illinois, and Ohio Lead States

Biotech starts out on right foot in January 2007
20/03/2007. US biotech M&A is being fed by the fuel of product innovation, says Burrill & Company. Last year was the second in a row that 18 novel drug approvals were approved by the FDA - a number that is still surprising low given the over $50bn that the US industry spends on research and development. During the past eight years, the high point for novel drug approvals was 35 in 1999 and the low was 17 in 2002, according to FDA data.

Midwest healthcare venture capital
21/02/2007. Deal flow and VC interest in US Midwest healthcare ventures is increasing, says BioEnterprise. Medical devices are a key focus of interest; Minneapolis, Cleveland and Pittsburgh rated as top regions.

Biotech see a lackluster end of year
14/02/2007. While it failed to fan the flames of positive investor sentiment, biotech M&A activity continued its torrid pace and an additional three biotech IPOs got out of the gate, finds Burrill & Company.

The US biotech market: Q4 2006
07/02/2007. Financings and partnering deals remain red hot in the biotech sector, says Burrill & Company, while In the fourth quarter of last year biotech IPO activity picked up with six deals getting out of the gate.

2007 Outlook for US healthcare provider sector
24/01/2007. In 2007, the convergence of market pressures, public policy developments and cost recovery concerns in the healthcare provider sector will drive momentum for wider adoption of electronic records, improved efficiencies, greater transparency and new metrics for quality care, according to Ernst & Young.

Year-end 2006 healthcare venture capital results up again
17/01/2007. For the fourth year in a row, the total amount of venture capital committed to health care companies grew, rising to more than $8.6bn for the year ended December 31, 2006—up nearly 18 per cent, compared with 2005. The year 2006 produced 463 deals (median size, $12.5m), representing an increase in deal volume of nearly 5 per cent over the previous year, and an increase of 16 per cent, compared with 2004.

Biotech outlook for 2007 and a look back at 2006
10/01/2007. It was a big year for biotech/life sciences fund raising, says G Steven Burrill, CEO of Burrill & Company. Financings and partnering deals brought in a record $40bn for US companies with over $25bn through financings and $15bn in partnering capital.

Life sciences in Israel – It's a question of investment
03/01/2007. Clal Biotech CEO Ruben Krupik had been seeking a means of bringing drugs from the early development stage to market, says the Israel Venture Capital Journal. Teaming with Teva Pharmaceutical may well turn out to be the best answer. Avida Landau explains.

Healthcare VC
03/01/2007. Healthcare venture capital investors are on track for a record year, according to Healthcare Corporate Finance News.

Biotech update
20/12/2006. There has been no sign that the biotech industry has lost its ability to raise money. In fact we are on pace for a record level of financings in view of the fact that the over $26bn raised year-to-date is an amount that is typical for any good full year for biotech, notes G. Steven Burrill, CEO of Burrill & Company

US-hospital providers will continue to face escalating industry pressures in 2007
13/12/2006. Fitch says its expects the for-profit hospital industry to face many of the same challenges in 2007 that were seen in 2006, with rising bad debt expense and weak volumes offset by a favorable reimbursement environment. In 2007, Fitch expects the bad debt environment to continue to worsen but at a lesser rate than in 2006. Although Fitch anticipates little gains from same-store volume growth, continued strong pricing and acquisitions should contribute to overall revenue growth for this sector.

Biotech takes it on the chin
06/12/2006. Biotech has been having a bad time of it, says Burrill & Company, but two new biotech firms still managed to launch IPOs in May of this year and two added themselves to the IPO runway. The newest entrants to the biotech IPO class are Novacea and BioMimetic Therapeutics. SenoRx, which makes medical devices for diagnosing and treating breast cancer, is planning an initial public offering for up to $86.25m. Amicus Therapeutics also filed for its IPO.

Malaise over biotech
15/11/2006. Despite biotech's weak performance during April this year, Burrill & Company notes that three companies managed to get their IPOs off the ground and two more added themselves to the IPO runway.

A changing prescription for biotechnology
13/09/2006. G. Steven Burrill discusses the state of the biotechnology industry and makes his predictions for the future for the biotech sector at the BIO 2006 event in Chicago.

Biotech turns in mixed performance in Q1 06
23/08/2006. Although there were approximately 41 venture financings, averaging $16m per transaction in Q1 06, the $734m raised was 23 per cent lower that the total raised in Q4 05. However the total was only 6 per cent below the $781m raised in Q1 05.

Biotech has stellar January
26/07/2006. While 2005 was the year of biotech’s giant players, this year has been ushered in by the excellent performance of small biotech companies, says G. Steven Burrill, CEO of Burrill & Company.

Biotech report
05/07/2006. The US biotech IPO market was off to a strong start in 2006, says G. Steven Burrill, the CEO of Burrill & Company, reaching a significant milestone in its comparatively short history with its collective market cap topping the $500bn mark for the first time.

Healthcare venture capital funding reaches highest level In three years
07/06/2006. By the end of 2005, the size of the US healthcare venture capital market grew to nearly $7.3bn invested, according to Irving Levin Associates.

Biotech bounces back
16/05/2006. Big biotechs are getting into the act of snapping up promising targets, says Burrill & Company. Late last year Genentech announced that it had signed a deal with privately owned British biotech company PIramed potentially worth up to $230m. The collaboration is estimated to be one of the largest preclinical deals ever signed by a UK biotech company.

Biotech has October blues
24/02/2006. The market conditions at the end of last year hit planned biotech IPOs. Predix Pharmaceuticals withdraw its IPO, as did SkinMedica, notes Burrill & Company. Given the current climate, they expected that the 14 companies on the IPO runway will remain in a holding pattern until conditions improve.

Healthcare M&A Q3 2005
20/02/2006. Healthcare merger and acquisition activity saw a surge in the third quarter of 2005, according to Irving Levin Associates, Inc.

Biotech pauses for breath
08/02/2006. August is typically a slow month for biotech and last year's figures for the month were no exception, says G. Steven Burrill, CEO of Burrill & Company, noting that the momentum which the industry enjoyed over the previous four months of 2005 tailed off.

Burrill Biotech Report: Q4 2005
09/01/2006. The $161m raised in Q4 2005 through IPOs was down almost 44 per cent from the $286m raised in Q3 2005 and down 14 per cent on the total raised in Q4 2004, says Burrill & Company.

Ernst & Young's 2005 Global Biotechnology Report
20/12/2005. Nearly 30 years after the first biotechnology company opened its doors, the sector is reaching a new level of maturity and globalization, according to Ernst & Young's 19th Annual Global Biotechnology Report, Beyond Borders. Sustained by governmental support and private capital, biotech companies around the globe are translating cutting-edge science into life-improving therapies. Ultimately, the increased value delivered to both patients and private equity investors are the measures of biotech's success.

Healthcare M&A in Second Quarter 2005
07/12/2005. According to Irving Levin Associates, a total of $18.4bn was committed to finance the second quarter's healthcare merger and acquisition activity, based on revealed prices. Four billion-dollar deals were announced, contributing $8.9bn, or 48 per cent, to the quarter's total committed funds.

Biotech: a shift towards predictive, preventative and personalised medicine
16/11/2005. Transitioning from a society that is struggling to meet the escalating health problems of an aging population to one that focuses on wellness by preventing or delaying the onset of disease is a paradigm shift that is occurring before our very eyes, says G. Steven Burrill, CEO of Burrill & Company. That is the overall conclusion from Burrill's 19th annual report on the state of the biotechnology industry.

Biotech posts strong third quarter for 2005
12/10/2005. Biotech financings and partnering/M&A deals set a torrid pace in Q3 2005 and the industry is on target to raise over $30 billion by year end, according to Burrill & Company's Quarterly Biotechnology Report, which tracks the ongoing performance of the biotechnology industry.

Reengineering life sciences
05/10/2005. Scottish Equity Partners puts the biotech funding model under the microscope. They find that while at the beginning of 2004, hopes were high for the biotechnology and life sciences sector, some were not quite so positive in their outlook.

Biotech takes a hit at the start of the year
07/09/2005. Although the biotech industry has hit a bump in the road, it still managed to get deals done raising a total of $5.4bn in the quarter. In biotech company boardrooms across the country it is still business as usual, says Burrill & Company. With over $1.4bn in partnering deals and $4bn capital raised, biotech's fundamentals remain strong and the industry is still on target to raise over $20bn in venture capital money by year end.

Co-incubation: a new approach for supporting start-ups – conclusions from the Bio-Link project
31/08/2005. Networking is one of the most important factors for the success of companies in biotech incubators, according to these results from the Bio-Link project published in the Israel Venture Capital Journal.

Biotech takes a hit at the start of the year
31/08/2005. The US IPO window remained slightly open in February 2005 with three biotech firms joining the publicly traded market, says Burrill & Company. Favrille, Inc, a biopharmaceutical company focused on cancer and diseases of the immune system, made its debut. Icagen and Threshold Pharmaceuticals also went public, but Threshold Pharmaceuticals only raised $37m instead of the $86m hoped for.

Biotech report: July 2005
16/08/2005. Although the IPO window for biotechs still remains closed, the turn-around in the fortunes of many of the recent IPO graduates should be encouraging for the 19 companies who have filed for an IPO, says Burrill & Company. They predict the fourth quarter of 2005 will be a stellar IPO season, with both new issues and existing IPOs performing well.

Biotech report: second quarter 2005
27/07/2005. As Burrill & Company noted in the first quarter of 2005, the biotech pendulum has been swinging away from IPOs more to M&As and partnering. Investors have no real interest right now in new biotech issues or follow-ons nor, to some degree, in PIPEs. Last year at this time, the industry had raised a total of $10.1bn from financings and $4.3bn from partnering deals. This year, we are seeing a reverse of this at the same point - financings are down 27 per cent at $7.4bn, while partnering deals are up 46 per cent at $6.2bn.

Health industries receive record share of VC funding
07/06/2005. Reversing three consecutive years of declines, health industry companies received a record share of venture capital investment during 2004, leading all other industries and scooping up 30.2 per cent of all VC dollars invested during the year. According to a report released by the PricewaterhouseCoopers Health Research Institute, VC firms invested $6.33bn in health industries during 2004, including companies in biotechnology and pharmaceuticals, medical devices and equipment and health services and health information technology.

US biotech update: April 2005
04/05/2005. After a dismal first quarter, largely suffering from the Tysabri fallout, biotech got a much-needed shot in the arm in April, says G. Steven Burrill, CEO of Burrill & Company. While there were no IPOs completed in April, several companies have been quietly lining up on the runaway - Coley Pharmaceutical Group is looking to raise up to $115 million; Prestwick Pharmaceuticals Inc. said it is seeking to raise as much as $74.75 million.

Health care venture capital investments in 2004
29/03/2005. During the fourth quarter ended December 31st, 2004, more than $1.6 billion financed 97 publicly announced venture capital investments in health care companies, according to Irving Levin Associates.

US biotech enters 2005 on a high note
23/03/2005. The biotech industry ended the year in good shape, raising more than $20 billion in 2004, and is poised for success in 2005 with strong fundamentals in place, finds Burrill & Company.

Biotech slips in January 2005
09/03/2005. Burrill & Company says that biotech slipped in January, caught in the general market turndown. The Burrill Biotech Select Index slipped 4.6% in January, but they are still anticipating a good 2005 for the biotech sector. The Burrill IPO Index fell 5% in January as only a handful of companies showed positive results for the month.

Outsourcing is affecting all sectors of the economy
07/03/2005. Grant Murgatroyd at Kleinwort Capital looks at how outsourcing is creating opportunities in the healthcare, technology and manufacturing sectors.

The biotech outlook for 2005
02/03/2005. Burrill & Company predict a reasonably robust IPO market for 2005 with 40 plus IPOs completed in the US and an even larger number internationally. Venture capitalists will both raise more money for life science ventures, spend more money, and increase their interest in investing in early stage investments.

Medical device venture capital investment
09/02/2005. Ralph Weinberger of PricewaterhouseCoopers' Technology Industry Group looks at venture capital investment trends in North America's still active medical devices sector.

Why biotech VCs are looking North: the Canadian biotech market
09/02/2005. The CCTO look at why Canada is the second largest biotech community in the world after the US with 470 public and private companies operating in the sector, focusing on the range of foreign VC investments being made in the country.

Investor and CEO Perspectives on Biotechnology
18/01/2005. Ernst & Young asked experts from the investment community to discuss trends and issues affecting the capital markets for biotech companies. Excerpted from Resurgence: The Americas Perspective, Global Biotechnology Report.

Burrill Life Sciences Report: November 2004
01/01/2005. Much of the pharma industry’s innovation is being accessed from biotech through strategic partnerships, says G. Steven Burrill, CEO of Burrill & Company. For example, in late October 2004, Roche announced a deal with Pharmasset to develop nucleoside polymerase inhibitors for the treatment of chronic hepatitis C virus (HCV) infections and Wyeth (WYE) announced a mutli-product collaboration with Plexxikon to treat diabetes and metabolic disorders. The deals are valued at $300 million and $372 million respectively—two of the largest preclinical deals ever announced.

Patient Capital: Improving The Lives Of Millions - The Vital Role Of Venture Capital In Life Science Innovation
20/12/2004. More than 100 million (1 out of 3) Americans have been positively affected by venture backed medical innovations developed during the past 20 years, says the NVCA in their latest research. This positive effect occurs in several forms – extended life, improved quality of life, and the peace of mind associated with low-risk, yet highly effective diagnostic and treatment tools.

Where are the Exits
20/12/2004. Tracy Lefteroff of PricewaterhouseCoopers asks where are the M&A and IPOs in the biotech industry.

Today’s financial climate for biotech: Risky business in a risk-averse world
03/12/2004. When it comes to the world of biotechnology sector private equity, investors reward product revenue and real pipelines, says Dr. Cynthia Robbins-Roth of BioVenture Consultants. But who supports early development of the new products?

Biotech Update: Third Quarter 2004
08/11/2004. The US biotech industry managed to raise almost $6 billion during Q3 04, according to Steven Burrill of life sciences merchant bank Burrill & Company.

Pharma's future: Back to basics
27/09/2004. With declining R&D productivity, reduced effectiveness of the blockbuster model, and new drug discovery technologies, it is clear that the pharmaceutical industry needs to change. Dr. Yann Bonduelle and Jo Pisani of PricewaterhouseCoopers identify six key changes that the industry must implement in order to be successful in the rapidly changing life sciences environment.

Biotech Report: Q2 04
07/09/2004. In the history of the US biotechnology sector, the prospects for long-term success have never been greater, according to G. Steven Burrill, chief executive officer of Burrill & Company.

Clinical transformation and the value of a cross-industry perspective
13/07/2004. Unlike most other aspects of society, the healthcare industry has been relatively unaffected by the recent revolution in information technology. But the ability to take advantage of advances in information technology will be crucial in determining the winners and losers in the life sciences arena going forward, according to Deloitte Research.

Lessons learned: How the biotech industry grew up
17/06/2004. The biotech industry in Europe is celebrating its comeback with a new entrepreneurial mindset. What used to be a science-driven sector has now emerged as a product-based industry, according to Wellington Partners.

Health care finance industry plagued by lack of funding
04/06/2004. In today’s health care finance environment, early financing rounds are becoming harder to fund and the market for initial public offerings remains very weak, according to the Wharton Health Care Business Conference panel.

What's up in life sciences?
24/05/2004. The risks and rewards of the private equity life science market are examined by Tom Daniel of Schroder Venture Life Sciences, Mark Carthy of Oxford Bioscience Partners, Martijn Kleijwegt of Life Science Partners and Jeremy Curnock Cook of Bioscience Managers in the latest AltAssets roundtable.

Biotechnology IPOs: Not a perfect exit
10/05/2004. An increasing number of biotechnology companies have completed successful initial public offerings over recent months. But an IPO is not always the perfect exit for life sciences venture capital investors, according to SJ Berwin.

Healthcare venture capital report 2004
19/04/2004. A total of 470 life sciences companies raised $5.8bn in venture capital investment in 2003. The sector increased its share of total venture investment from 26 per cent in 2002 to over 30 per cent last year.

Swiss biotech report
06/04/2004. By the end of 2003 the Swiss biotech industry consisted of 227 companies. When viewed in relation to the size of its population, this means that Switzerland has the highest biotech density in the world, according to Ernst & Young.

Investing in life
29/10/2003. In the year ending June 2003 there were three substantial biotechnology funds raised in Asia, amounting to $50.5m. Although just a fragment of the industry's colossal $100bn global capital pool, this still represents a near three-fold increase on the previous year, according to the Asia Private Equity Review.

Biosciences: High risk, high reward, and the potential for real chaos.
29/10/2003. The biosciences sector is undergoing constant change. These changes are driven by value-creating innovations, capital availability and a shakeout in the industry. In order to be successful, investors in the bioscience arena need to learn lessons from earlier technologies and apply them to this rapidly evolving market, according to Wharton Knowledge.

Borderless Biotechnology 2003
08/10/2003. 2003 has brought continued market value and financing frustrations for the global biotechnology sector. Deloitte & Touche provides an overview of the state of the biotechnology sector and gives an idea of what will continue to drive the industry.

Private participation in healthcare provision
01/10/2003. The current trend towards the private provision of care in the UK National Health Service provides an excellent opportunity for private equity investors in this sector, according to Nathan Elstub of Barclays Private Equity.

UK Biotechnology Industry
17/09/2003. The UK has established itself as the leading biotechnology nation in Europe and remains second in the word, according to the House of Commons Trade and Industry Committee.

Biotech 2003
08/09/2003. The global biotech market is set to experience a period of value-building and recovery in the second half of 2003, according to Steven Burrill of life sciences merchant bank Burrill & Company.

Due diligence for an investment in a life sciences company
20/08/2003. A private equity firm looking to invest in a life sciences firm should thoroughly explore the intellectual property rights owned and utilised by the company, says Michael Brodowski of Testa, Hurwitz & Thibeault. Due diligence with a particular emphasis on the company's patent rights will produce a more accurate assessment of the business's value and its associated risk.

Raising money in a difficult environment
06/08/2003. Venture capital financing in the US life sciences market has plummeted year-on-year since the industry's peak in 2000. With increasingly fierce competition for venture funding Lawrence Wittenberg of Testa Hurwitz & Thibeault provides a step-by-step analysis of what a venture capital firm should be looking for in a biotech start-up.

Pharmaceutical sector insights - annual report 2002
25/06/2003. The healthcare and life sciences sector is currently popular in the private equity arena. Here, PricewaterhouseCoopers outlines the mergers and acquisitions activity in the sector for 2002 and provides an insight into the areas of medical devices and biotechnology.

Guide to the European life science venture capital industry
13/06/2003. Global economic pressures have made venture capital fundraising increasingly challenging in the life sciences sector, according to BioSeeker's guide to the life sciences market. With few exit opportunities, dwindling venture investments and write-offs all too familiar, it is unsurprising that investors are losing confidence in the industry.

Endurance Biotech Report: Introduction
28/05/2003. The shrinking European biotech market is in the midst of a prolonged slump, plagued by tumbling valuations, increasingly limited venture funds and scarce exit opportunities. The introduction to Ernst & Young's Endurance Biotech Report outlines the current state of the industry and explores the avenues left open to struggling life science companies, if they are to succeed or even survive.

UK Pharmaceuticals
23/04/2003. The UK pharmaceuticals industry has been growing at a rate of around 11 per cent per annum, according to the latest report from Barclays Bank plc.

High-throughput screening for new drugs
23/04/2003. High-throughput testing of potential drug candidates for specific biological activity has been gaining importance in the drug discovery process since the 1980s. Dr Dan Gelvan, chief executive officer of Zetiq Technologies examines the latest trends in this area and discusses the activities of some of the key corporate players.

2003 healthcare venture capital funding report
26/03/2003. More than a quarter of the total venture dollars invested in the US in 2002 went to the healthcare sector, according to Growthink's healthcare venture capital funding report. The total invested was $6.3bn, a decline from 2001's total of $7.1bn, but this is a reflection of the general down turn in venture capital spending.

The Israeli biotech system: problems and vision
26/03/2003. Israel's biotechnology sector has received extensive coverage since the global emergence of the sector. Here, David Haselkorn of Clal Biotechnology Industries redefines the sector and offers a vision for the future.

Pharma Insights
04/03/2003. The slowdown in the capital markets triggered M&A pharma micro-deals in 2002, according to PricewaterhouseCoopers' latest pharmaceutical sector report. With public markets unlikely to pick up until 2004 and with the current caution among financiers preventing large deals being done, the majority of activity will continue to be at the smaller end of the market.

Growing life sciences investment trend: focus on ‘Quality of Life'
26/02/2003. ‘Quality of Life' has emerged in recent years as a key variable in the success of life science ventures. Whether it's shortened patient recovery time or painless cosmetic surgery, Robert Bellas of Morgenthaler Ventures, believes the patient's sense of personal well-being during and after treatment will only grow more important in weighing investment opportunities.

Biotech sector review
18/02/2003. There is no shortage of hype surrounding the biotech sector. In a general atmosphere of gloom it seems to be one area that investors are still prepared to consider for venture opportunities. But is it just hype? Chris Sims of Mayer Brown Rowe & Maw looks at the possible risks and returns to be gained.

Q4 2002 healthcare venture capital funding report
12/02/2003. Growthink reported a mild improvement in the healthcare fundraising world in the fourth quarter of 2002: some 128 healthcare companies raised 28.2 per cent of the total venture dollars invested in the fourth quarter of 2002, compared to the previous quarter when just 23 per cent of venture dollars invested went to healthcare companies.

Q3 2002 healthcare venture capital funding report
04/02/2003. The number of companies receiving financing from venture firms underwent a 38 per cent decline from the second to the third quarter of 2002, according to Growthink's healthcare venture capital funding survey. But the news wasn't all bad: healthcare-focused companies took a 23 per cent share of the total venture dollars invested in the third quarter.

Biomedical devices
04/02/2003. The valuations of most venture-backed companies fell by more than 50 per cent in the first half of 2002. But, the valuations of venture-backed medical device start-ups fell by just two per cent. Having substantially reduced investments in healthcare in favour of the internet and IT sectors, venture firms are returning to the biomedical device sector, argues Tom Stein of Red Herring.

Riding the pharma rollercoaster
28/01/2003. The best way to create value in the pharmaceutical industry is to maintain a flow of innovative medicines, says Pharmacia's chairman and CEO, Fred Hassan. But it can cost $500 million to turn a discovery into a product, and these hefty research and development costs have fueled recent mergers; after all, only big companies can afford the necessary R&D budgets of $2 billion or more. In this interview, Hassan tells how he managed Pharmacia's mergers with Upjohn and Monsanto without losing a focus on frontline sales.

Bio-IT firms get nowhere in a rush
21/01/2003. The bio-IT sector has been heralded by some as the ‘new' internet craze; bio-IT companies have tried to market their products by warning life sciences development units that they risk being left behind should they choose not to spend on new technologies to support their findings. But, says Scott Kirsner of The Boston Globe, it isn't time to throw money at such companies just yet.

On the starting line
15/01/2003. Biotechnology has fast become the hottest sector around for venture capital investment, particularly in the US and parts of Europe. Aviva Mishmari of Globes discusses the measures that Israel has taken to promote its biotechnology sector.

Re-assessing the landscape of European biotech
11/12/2002. Biotechnology has become the ‘hot' sector for venture capitalists. But is there a danger that biotechnology will follow the fate of the internet bubble? Hanns-Pieter Wiese of Global Life Science Ventures thinks it might.

Pharma Survey - H1 2002
02/12/2002. The first half of 2002 saw a buoyant mood in the pharmaceutical sector when compared to most other industries. The latest pharma survey by Pricewaterhousecoopers reveals a marginal increase in the number of deals, although the overall value of deals has declined significantly.

Let's discuss biotech's future: five predictions
21/11/2002. The steady increase in popularity of the biotechnology in recent years has been well documented. But, says David Beier of Hogan & Hartson in BIO News, there are some issues that will affect the future of the industry that need to be taken into account now.

Venture capital funding for biotechnology
20/11/2002. Investors are currently looking more seriously at Canada as a region for investment, particularly its burgeoning biotechnology sector. The country's venture capital firms have increased their investment in the sector and foreign investors have taken note, argues Industry Canada.

Swedish biopharma at large - what next?
19/11/2002. Sweden has a rapidly expanding biotechnology sector that presently ranks fourth in Europe after Germany, UK and France. BioSeeker Group provides a useful update on the subdivision of the sector known as biopharma with a focus on Sweden.

Investing in life sciences - things for VCs to look out for
12/11/2002. Biotechnology has become the hottest topic around for private equity investors. Yet investing in the sector must not be undertaken lightly – especially in emerging markets. CMS McKenna discusses these issues for the Chinese venture capital industry.

New breed of VCs banking on biotech
29/10/2002. Life sciences is the sector of the moment for venture capital. In spite of dismal performances by publicly quoted biotech companies, private equity investment is pouring into the area. And with the increase in investments, come young venture capitalists hoping to take advantage of what may be shaping up to be a craze, says Matt Marshall of the San Jose Mercury News.

State of the healthcare private equity markets
29/10/2002. In what experts have called the toughest money-raising climate in the last ten years, healthcare funds are consistently closing above target. Alan Frazier of Frazier Healthcare Ventures asserts that now is a very good time to be looking to build a larger allocation – or to begin an allocation – in healthcare private equity funds.

Q2 Healthcare venture capital funding report
23/10/2002. The second quarter of 2002 proved a successful one for US healthcare companies, despite the drastic decline in venture financing in other sectors, according to Growthink's healthcare venture capital funding survey. The healthcare sector represented 28 per cent of total venture investment, up from 21.4 per cent in the first quarter. Some 325 investors funded healthcare ventures in Q2.

Q1 2002 Healthcare venture capital funding report
15/10/2002. Healthcare investment is growing in popularity as investors see the sector's commercial potential brought about by demographic change. Biotech and pharmaceuticals remained the most popular investments for US healthcare investors in the first quarter of 2002: over half the companies funded in the healthcare sector were in these sub-sectors, says Growthink.

2002 Healthcare venture capital funding report
27/09/2002. The healthcare sector flourished in 2001 even as other sectors suffered from diminished investment, according to Growthink's annual report. The sector received over $7bn in venture capital in the US. The percentage of total venture dollars allocated to healthcare increased throughout the year, from less than ten per cent in Q1 2001 to almost 24 per cent in Q4.

Deal terms catch up with biotech
27/09/2002. Biotechnology has received more venture money over the last few quarters than any other sector. But it would appear that deal terms are having their impact on the sector, particularly those related to milestones. Beth Healy of The Boston Globe examines the effect of deal terms on the biotech industry.

Borderless Biotechnology
24/09/2002. Until recently, the biotechnology industry was concentrated in a few clusters in the US. But over recent years, the situation has evolved dramatically as the geographical reach of the sector appears to know no bounds. This report from Deloitte & Touche examines the developments of this relatively new industry and offers some insights into factors that have helped it to flourish outside the US.

Outlook is healthy for informed investors
20/08/2002. Over the last 15 years, healthcare funds have had higher returns than any other industry sector. Combine this with strong growth and earnings trends and the result is numerous opportunities for investors who can understand healthcare's complexities, says PricewaterhouseCoopers.

Biotechnology in Sweden
19/08/2002. Sweden has the fourth largest biotechnology industry in Europe, after Germany, the UK and France. It tops the list of industrialised countries in terms of investing the greatest proportion of their gross domestic product in 'knowledge', defined as education, software and research spending. Bioseeker Group looks at the opportunities in this booming sector.

On the verge of a new cycle in biotech?
14/08/2002. The biotechnology sector has grown in popularity in the last few months as investors look for long-term rewards. Robert McNeil of Sanderling Ventures discusses whether it is possible for venture capitalists to time the market when considering their investments in the sector.

BioForum
06/08/2002. The life sciences industry remains a long way from staging a full recovery, according to the PricewaterhouseCoopers BioForum report for June 2002. Australia and the US have been particularly affected, even after positive second quarter figures suggested an upturn was imminent. The survey reveals that investors are extremely cautious given the decrease in FDA approvals and disappointing clinical trial results.

The Nordic life sciences investment opportunity
29/07/2002. The Nordic region is home to approximately 22 per cent of all European entrepreneurial life sciences companies. As a result, there is a substantial need for capital and experienced management teams in the immediate future says Leif Helth Jensen of Danske Life Science.

Investing in global life science ventures
15/07/2002. Life sciences continue to flourish as one of the great growth industries of the 21st Century. Of £3bn invested in life science companies in 2001, the US, UK and Germany accounted for 95 per cent of the total. However, success stories in this sector must be put in perspective. It is essential to understand and carefully manage risk, says Dr Jane Fisken of Dresdner Kleinwort Capital.

Biosciences are the new frontier of business opportunity
25/06/2002. Research in the biological sciences holds the potential for breakthroughs that could transform the world. But scientific advances can also be baffling and more than a little intimidating. Knowledge Wharton discusses the opportunities for investment.

US: Focus on fundamentals
25/06/2002. Nowhere has the global rise of the biotechnology sector been more apparent than in the US. Indeed, investors are now positively embracing the sector. Scott Morrison of Ernst & Young addresses the rise of life sciences and discusses what the future may hold.

Life sciences: new ‘bubble' or sunrise sector?
19/06/2002. The slump in technology markets has left other sectors with a chance to move onto the investment radar. With enormous advances in biotechnology, particularly the Human Genome Programme, the life sciences industry is now back in vogue, say Nabarro Nathanson, as investors are looking for longer-term security.

Biomedicine and private equity
12/06/2002. While the private equity industry reels in the wake of the dot-com crash and difficult exit conditions, the biomedical sector still thrives. Alan Kittner of Invesco Private Capital examines why this non-cyclical market sector is currently at the top of investors' lists.

Biotechnology in India
12/06/2002. Despite spanning several decades, the Indian biotechnology sector is limited when compared to the US and Europe. However, the country is making considerable investments in the sector through its government and venture capital funds. Utkarsh Palnitkar of Ernst & Young examines the growth of India's biotechnology sector and assesses what the future holds

The Netherlands: fuelling the life sciences industry
21/05/2002. Although relatively small, biotechnology in The Netherlands has come a long way in recent years and this sector is now flourishing in the region. Pieter Lucas of Ernst & Young examines the evolution of Dutch biotechnology and the factors that have influenced it, including venture capital.

Innovation and competitiveness in European biotechnology
30/04/2002. Although lagging behind the US in its biotechnology success, Europe is still showing promising signs of catching up. Characterised by small, innovative and competitive firms, the industry is reliant on many factors, particularly venture capital, to ensure its continued success. The Enterprise Directorate-General examines those factors that will drive the sector forward over the coming years.

Life sciences and biotechnology - a strategy for Europe
10/04/2002. In an attempt to foster Europe's burgeoning biotech industry and to close the competitiveness gap with the US, the European Commission has launched a long-term biotech policy in its latest strategy paper.

Mergers & acquisitions in the Pharmaceutical sector 2001
27/03/2002. The pharmaceutical sector appears to have remained buoyant while others continue to suffer a downward trend. Neal Ransome, a partner at PricewaterhouseCoopers, assesses M&A activity in the sector for 2001 and discusses how the current trend is creating a ‘Big Biotech' sector to compete with ‘Big Pharma'.

Europe's biotech VCs are waiting out the downturn - by making larger investments.
28/02/2002. The public markets may have abandoned European biotech but, says Red Herring's Guy Paisner, venture capitalists are helping to keep the industry afloat.

Cell-based cures could energise biotech in Europe
19/02/2002. Investing in biotechnology requires long-term horizons – and not a small amount of patience. These are characteristics that many European investors haven't historically had, argues Philip E Ross of Red Herring.

The worst is over … will 2002 be the dawn of the biotech M&A era?
05/02/2002. While the world economy has begun 2002 in a near universal climate of recession, it is hoped that that things will slowly improve as biotech outperforms the market. As a result there is a high level of interest from institutional investors who are waiting patiently for the right time to commit to this ever growing sector. In this European biotechnology survey SG Cowen gives a cautiously optimistic view on the European sector for 2002, after a disappointing 2001.

Focus on fundamentals
07/12/2001. Biotechnology companies are a major driving force behind the new economy of the 21st century, according to the latest biotech review from Ernst & Young. The report shows that these companies are poised to achieve long-term success, despite the downturn in capital markets in the first half of 2001.

Economic fundamentals sound: deal-making within the biotechnology industry
03/12/2001. Even in the current economic downturn, biotechnology has outperformed both the broader markets and the high-technology sector. Carl Feldbaum, president of BIO presents an in depth overview of the sector's performance in this speech given before the Licensing Executives Society.

Back to basics
21/11/2001. European biotechnology firms have managed to attract a large proportion of private equity funding in the first half of this year despite the deterioration of the investment climate, says this latest report from Ernst & Young.

A new approach to valuing biotech stocks
02/11/2001. Stocks of biotechnology companies are soaring. But while these companies have promising technologies, they are years away from profits. The boomlet shows, however, how hard it is to value biotech stocks. Analysts often use proxy drivers such as the number of patents or the dollar value of partnerships to value such companies, but these drivers fail to show if the companies will be able to turn their research into marketable products. Research by Karl Ulrich, a Wharton professor of operations and information management, and other colleagues offers insights into a new approach to valuing biotech companies.

Pan-European biotech investing
23/10/2001. Up to now, the biotech sector has been largely concentrated in the US. This presentation from Dr Paul Haycock of Apax partners shows how the amount of biotech investment opportunities in Europe is now growing rapidly.

Why is there so much confidence in biotech?
23/10/2001. Biotech has traditionally been considered a risky option for investors. But this is no longer the case, argues Dr Hellmut Kirchner of Venture Capital Management. He explains why, in many respects, biotech is now a safer bet for investors than other, more fashionable industries.

Entrepreneurship in UK biotechnology: the role of public policy
08/10/2001. This government has heavily promoted biotechnology and some people have predicted that as an industry it could be as influential in this century as computers were in the last. This extract is taken from a paper by Sir Geoffrey Owen at LSE in conjunction with The Diebold Institute Entrepreneurship and Public Policy Project. The full article looks at how British biotechnology firms have emerged, how they fit into the developing market place, and the investment opportunities that they offer.

Towards a strategic vision of life sciences and biotechnology
07/09/2001. Life sciences and technology are of strategic importance if Europe is to stay a leading knowledge-based economy. In this document the European Commission discusses the wide range of questions, that need to be addressed in this sector, and the complexity of issues attached to it.

Using plants as plants
24/08/2001. Biotechnology will transform the production of chemicals according to this article from the McKinsey Quarterly. Despite the substantial risk involved, chemical companies should not give up on biotech just yet.

Annual European life sciences report 2000
29/05/2001. The seventh annual European life sciences report from Ernst & Young describes the year 1999 as the ‘biotech revolution'. With many new companies springing up, advanced business models and a rush of technology, the sector has undergone a radical facelift.

Magic pills
29/05/2001. The merger of Glaxo Wellcome and SmithKline Beecham brought consolidation in the pharmaceutical industry to dizzy new heights. Zephus Corporate Finance looks at this M&A trend and its impact on the industry.

Pharma: can the middle hold?
29/05/2001. Mid-size companies need to think small – before the big ones do. Here, the McKinsey Quarterly examines the way in which mid-size pharmaceutical companies can hold off consolidation, retain their market share and build on their strengths for a bright future in the industry.