バイオテクノロジーに対する投資とビジネス動向

Abstract

In This Issue.

2005 marked the 25th anniversary of the first biotechnology IPO. In the ensuing years, investment firms that have a sophisticated understanding of both the complex science and business of biotechnology remain bullish on the industry because of its ability to dramatically outperform the S&P 500 during biotech stock market surges. The major challenge for the biotechnology industry now is to find solutions for the current gap in financing for early-stage companies--a shortfall that threatens to disrupt the flow of new innovations into the biotechnology and pharmaceutical industries. We argue that it is imperative for the health of the pharmaceutical industry to continue to support a large, fragmented pool of biotechnology companies to ensure the creation of a variety of new approaches to drug discovery and therapy. In this report, we review trends in biotechnology in 2005, particularly in the context of biotechnology dealmaking. This perspective is important because deal-making activity reflects the current thinking and direction of both the business and science of drug discovery.

Table of Contents

Overview

Trends in Biotechnology Dealmaking

• Lead Development
• Lead Identification
• Lead Optimization
• Target Identification and Validation

Mergers and Acquisitions

Trends in Biotechnology Financing

• Initial Public Offerings
• Venture Capital Financings
  • Series A Financings
  • Product vs. Platform Companies
• Project Financing

Trends in the Business and Technology of Biotech

• Biomarkers, Translational Medicine, and Pharmacogenomics
• Drug Repositioning and Combination Therapies
• Stem Cells
• Informatics

Outlook