Balance of power shifting to biotech from pharma
This article was originally published in Scrip
With biopharmaceutical companies and their investors enjoying the best initial public offering (IPO) market for more than a decade it is hardly surprising that venture capital firms, with a track record for achieving exits, are able to go back to the markets and raise new capital. However, while it makes sense to make hay while the sun is shining, a quick glance at the industry's history will remind us that public market enthusiasm for biotech is not an enduring phenomenon.
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