Abstract
Having spent 2002 in Wall Street's penalty box, the publicly traded biotechnology industry on its way back up, according to an end-of-the-year market overview by Burrill & Co., a life sciences merchant bank. Market capitalization for the sector rose from $219 billion at the end of October to $225 billion as of Dec. 9. Though this figure down 54% from its February 2000 high of $490 billion, and 41% from 2001's $382 billion, the sector is in better shape than many expected, even prospering, contrary to public perception, says G. Steven Burrill, CEO of the company. In a year marked by ImClone's Erbitux debacle and Elan's reorganization in the wake of accounting practices scrutiny, biotech firms have managed to close numerous financing deals, raising nearly $10 billion. Amgen's $2.25 billion debt offering in the first quarter of 2002 led the action. Venture capital flowing into the sector has ...
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