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The Europe Biotechnology Sectors : A Company and Industry Analysis (October 2006)
Mergent, Oct 2006, Pages: 36
This report updates the previous European biotechnology report, focusing on the markets in France, Germany, Sweden, Switzerland, the Netherlands, and the United Kingdom
Current Environment - Key Points
- The market capitalization of Europe's leading biotech companies increased 3.4% from US$16.6 billion to US$17.2 billion from March 8 to September 19 this year, according to a Mergent analysis
Large-cap biotechs performed well but investors increasingly moved away from small- cap companies
- Mergers and acquisitions between biotech firms or with pharmaceutical firms continued to be an important driver of growth, transformation and value creation
For many large firms, M&A are a response to anticipated patent expiration and gaps in a company's product pipeline; for small firms, they are often an attractive exit strategy
- On September 21, Europe's largest biotech company, Serono (SWX: SEO) was bought by Merck for US$13.3 billion
The cash deal created one of Europe's biggest drug groups, with a combined market value of around US$32 billion
- For the first time, Europe recorded a higher number of biotech IPOs than the US in 2005, according to BioCentury, a biotech industry publication
- From January to August, the region saw the completion of eight biotech IPOs, with US$209.6 million raised in total, according to Mergent
Industry Profile - Key Points
- A report in May by biotechnology industry consultancy, Critical I, found the number of biotech companies in Europe and the US was 2,163 and 1,991 respectively
The report found there were a higher percentage of young companies in Europe compared with the US
- In May, 16 research organizations from 12 European countries joined forces in industrial biotech (white biotech)
The network ERA Industrial Biotech (ERA-IB) will work to harmonize currently fragmented research policies
- European biotech companies face slow growth beyond the startup stage
According to Critical I, the capital available to European biotech companies is about one quarter of that available to US companies, although the number of biotech companies in Europe outstripped the US
- However, in the first half of 2006, there was improved enthusiasm for European biotechs
According to BioCentury, the industry raised more than US$17 billion in the first half of this year and, if the trend continues into the second half, 2006 could surpass 2000 as the best funding period ever for biotech
- The EU and national governments continued to set up new initiatives and make significant investments to encourage the growth of the biotech sectors and address funding problems
This year, the EU approved public funding on research to more than US$69.1 billion through the 7 th Research Framework Program 2007-2013 (FP7)
Market Trends and Outlook - Key Points
- In March, the European Medicines Agency (EMEA) published guidelines on similar biological medicinal products, opening the way for biogenerics in Europe
In April, the European Commission (EC) approved the first biogeneric, Sandoz's Omnitrope
- Several biotech companies in Europe and other parts of the world are actively producing biopharmaceuticals in transgenic animals and plants as they provide a cheap source of protein
In June, the first drug from transgenic animals was approved in Europe
- Europe is stepping closer toward a bio-based economy with the adoption of a Strategy for Biofuels in February and the launch of the Biofuels Technology Platform along with the set up of a Biofuels Task Force in June
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