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The Europe Biotechnology Sectors : A Company and Industry Analysis (October 2005)
Mergent, Oct 2005
This report looks at the biotech industries in Europe, with a focus on France, Germany, Netherlands, Sweden, Switzerland and the United Kingdom
Current Environment - Key Points
- As the US biotech industry forges ahead with increasing revenues and rising stock prices, Europe's industry is facing tough capital market conditions
However, more biotech companies are created every year in Europe than in the US
- The European Commission has taken the lead to spur biotech growth in the region but industry players and member states must take the initiative and make concerted efforts to take the industry to another level
- Major European biotech stocks continued to rise over the past six months despite shaky worldwide markets primarily due to concerns over rising oil prices
Investors reacted accordingly to positive financial, product and consolidation news
- Merger and acquisition (M&A) activity surpassed expectations in the past six months and even outstripped the US in the last few quarters
However, deals are bigger in the US than in Europe
- In the first nine months of 2005, six European biotechs went public
Europe outpaced the US in IPOs in the second quarter, having completed five IPOs compared to two on US exchanges
Industry Profile - Key Points
- Germany, the UK and France continue to lead the region's biotech industry but other nations such as Denmark, Switzerland and Sweden are catching up as they strive to become more prominent players
- The biotech industry in Europe continues to attract a healthy amount of venture capital and private investment
Deal amounts have become larger overall but the number of deals has declined
Investors prefer to direct funds into stable companies with a promising pipeline of products
- Biotech is still a priority at the European level
The European Union has doubled funding for research to more than -2 billion through the 6 th Research Framework Program that runs from 2001- 2006
Market Trends and Outlook - Key Points
- Europe's research and development (R&D) expenditure has fallen and may stifle the competitiveness of its biotech industry
Europe is losing its attractiveness as a research location
In China, for example, R&D expenditure has been growing at almost 20% a year
- Biotech is thriving in new EU countries since they joined the bloc in May 2004
The quality of infrastructure in terms of laboratory space, equipment and centers of excellence and the cost advantages of conducting clinical trials have attracted many companies
Hungary and the Czech Republic are now seen as the gateway for EU expansion to Eastern Europe
- A lack of funding for cancer research in Europe is hampering the development of cancer products
The issue could hasten cancer researchers- emigration to the US
- Scientific breakthroughs in Europe are creating more possibilities for personalized medicine
- The improving regulatory climate, strategic measures and the rising demand for biotech products will help heighten the European biotech industry's potential
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