Biotech in Europe: A strong foundation for growth and innovation.

Highlights from the article: Our analysis showed that investment in European biotechs is increasing but that in late-stage financing, Europe lags behind the United States by a large (and still growing) margin. However, European biotechs are starting to attract a broader pool of investors, including China's maturing community (now 3 to 5 percent of total investment in the European biotech industry). In fact, the ratios between early and late financing vary considerably from country to country in Europe: in several where the number of biotechs has increased (for instance, Switzerland), there is a strong underlying imbalance between early- and late-stage financing. As for public markets, biotech IPOs are three times larger on Nasdaq than on European exchanges, so European biotechs tend to look to the United States for growth capital.