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North America Biotechnology Sectors : A Company and Industry Analysis (February 2008)
Mergent, Feb 2008, Pages: 32
This report updates the previous North American biotechnology report, focusing on the markets in Canada and the United States
Current Environment - Key Points
- The biotech industry finished 2007 on a good note
In the second half, biotech outperformed the general market with the NASDAQ Biotech Index gaining 3%, ahead of the Dow Jones which declined by 2% and the NASDAQ Composite which gained less than 1%
- Shares of biotech heavyweights, Amgen (NASDAQ: AMGN) and Genentech (NYSE: DNA) fell 21% and 11% respectively in the second half of 2007
- The Canadian biotech sector, however, continued to decline in the second half of 2007
The S&P/ TSX Capped Health Care Index fell 22% in the second half
- In the US, M&As continued to dominate the news
A Mergent analysis showed that in the second half there were 19 biotech M&As in the US, worth about US$10 billion
Consolidation was on a slowdown in Canada
- Biotech IPOs were slow in the second half of 2007 and turned in weak performances
Five American biotechs completed their IPOs, raising about US$150 million, a quarter of the amount raised in the first half of 2007
- There was no biotech IPO in Canada over the same period
Vancouver-based Chemokine Therapeutics decided to withdraw its public offering in December citing poor conditions in the financing market
Industry Profile - Key Points
- As of December 31, 2005, there were 1,415 biotechnology companies in the US, of which 329 were publicly held, according to the Biotechnology Industry Organization (BIO)
According to a Mergent analysis, US public biotech companies generated revenues of US$52.9 billion as of December 31, 2006
- In the second half of 2007, venture capitalists funneled US$1,130 million into 47 American biotech companies according to a Mergent analysis, representing an 11% increase from the US$1,018 million raised by biotechs in the second half of 2006 - In August 2007 , The US Patent and Trademark Office (PTO) issued new rules aimed at streamlining the patenting process
In September, the Prescription Drug User Fee Act (PDUFA) was reauthorized
- Canada is moving closer to the top of the list of nations which lead the world in industrial biotech R&D
The Canadian Government stated plans to reintroduce the Renewable Fuels Bill which aims to enforce 5% ethanol in gas by 2010 and 2% biodiesel in diesel fuel and heating oil by 2012
Market Trends and Outlook - Key Points
- The traditional small molecule approach is still leading the way in terms of numbers of drugs entering first-in-man clinical trials
In 2007, small molecules entering the clinic were more than twice as many as biologic drugs
- The year 2007 shaped up as one of the slowest years for new drugs
The US Food and Drug Administration (FDA) approved just 19 new medications in 2007 compared to 22 in 2006, 20 in 2005 and 36 in 2004
- Canadian companies are outpacing their American counterparts in revenue growth
According to a global accounting firm Deloitte, half of North America's ten fastest growing technology companies are based in Canada.
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