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 10.7 billion to 17.8bn, revenues rose by 45% to 5.4bn and research spending rose by 36% to 3.2bn.

Net losses in the sector fell 44% to 1.2bn.

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