BIOTECH EXECUTIVES who flocked to Chicago last week for the Biotechnology Industry Organization’s (BIO’s) annual convention came with a degree of optimism that the industry has turned a corner after a tough 2009. At last year’s meeting, the industry found itself in a “perfect storm” of economic, political, and scientific challenge, BIO CEO James C. Greenwood told attendees. Companies were finding it difficult, if not impossible, to raise money, and managers were worried about the direction health care reform would take, particularly regarding the impact of legislation on generic biologics. Today, the industry is “far more optimistic,” G. Steven Burrill, CEO of investment firm Burrill & Co., told a packed auditorium. Patented biotech drugs were given 12 years of marketing exclusivity in the health care bill, and biotech stocks have rebounded. Money still isn’t flowing freely, but the capital markets have opened up. Ten initial public stock offerings have succeeded since last year’s BIO meeting, ...