The Biotech model is experiencing severe problems at present given that it's
built on credit secured on the promise of future earnings. With drugs being
pressured both by genetrics and by a seeming inability to turn gene mapping
into successful products, the credit, be it debt or shares, appears to be
drying up.
The next few years will be a period of intense M&A activity in the pharma
industry and it'll make an interesting study of capital movement in a crisis
situation.
Simon Ward
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