The new normal for biotech (Ernst & Young)
Pressures on the business model: funding
There's good and bad news about biotech funding in 2010.
The good news: Across the US, Europe and Canada, biotech companies raised US$25 billion in 2010. This is about the same as the average during the four years preceding the financial crisis.
The bad news: The distribution of funding has become increasingly skewed."Innovation capital" — total funding minus large debt transactions by mature, profitable companies — declined by 20% in 2010. More and more venture capital is tranched, and...
