European biotech on the up

17 April 2000

European biotech on the up

EUROPEAN biotechnology is maturing fast and beginning to deliver on promises, according to a new survey.

The annual review of the sector, carried out by Ernst & Young business consultancy, showed strong growth in 1999, reports the Financial Times.

The sectors stock-market value rose from Euro10.7 billion to Euro17.8bn (10.7bn at todayss rate), revenues rose by 45% to Euro5.4bn and research spending rose by 36% to 3.2bn.

Net losses in the sector fell 44% to Euro1.2bn.

Meanwhile, 29 biotechnology firms have raised more than 10m in start-up or growth funding with help from the governments Biotechnology Finance Advisory Service, reports The Express.

The service was launched in 1996 to help biotechnology entrepreneurs.

  • Financial Times, 17/04/00, page 6
  • The Express, 17/04/00, page 52

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