Norway bails out biotech

Written byAndrea Gawrylewski

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The Norwegian government hopes to stop its country's biotech from going out of business with a $418 million boost. The money is included in a new stimulus package released by the government Monday (Jan 26). "This is the most active political move in Europe regarding support to the biotech industry," Bjarte Reve, chief executive of the Oslo Cancer Cluster, which represents 25 Norwegian biotech groups told linkurl:Financial Times.;http://www.ft.com/cms/s/0/522b1038-ebb5-11dd-8838-0000779fd2ac.html?nclick_check=1 Many European biotechs have been in financial freefall since last year's abysmal economic climate set in: Iceland's stock exchange was shut down in September, with prominent genetics company deCODE losing its listing on the NASDAQ biotechnology trading index, and UK biotechs clamored for a government bailout last month totaling nearly $1 billion. To put the stimulus in action, a state developmental agency called Innovation Norway is upping its loan amounts to biotech companies by $63 million a year, and a Norwegian government investment fund will also get $279 million to invest in companies focused on research.
**__Related stories:__***linkurl:Bailout for British biotech?;http://www.the-scientist.com/blog/display/55263/
[5th December 2008]*linkurl:Trouble for deCODE;http://www.the-scientist.com/blog/display/55089/
[14th October 2008]

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