Abstract
The biotech sector had a sizzling year last year, raising US$19bn in cash globally. This paper looks at the performance of the biotechnology sector on both sides of the Atlantic in terms of financing activity. Financing activity in the European biotechnology industry is still a long way off from the USA, with public fundraising only reaching the level that the USA had in 1997 and venture capital financings getting close to the US levels of 1994–95. This suggests that at least another five to eight years is needed before there is even a chance to get near where the USA is today. However, the sheer size of the US equity capital market and its liberal attitude to fundraisings and higher-risk appetite is likely to mean that European biotechs will never catch up with the USA, even if our science (across the whole of Europe) is as good. This does not mean that Europe cannot have a thriving biotechnology industry. Indeed, the current level of activity in the venture capital and public markets suggests that Europe is only just getting serious on biotechnology.
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