Much like an uncertain weather forecast predicting sun and patchy clouds, industry analysts see mixed prospects for European biotechnology companies in 2005. Geopolitical problems such as the war in Iraq aren't helping to soothe jittery investors, who are traditionally more risk-averse than those in the United States. What's more, Europe has a fragmented marketplace and an overabundance of stock exchanges, which heightens the regulatory burden on companies.
The result is a challenging market for a handful of startup biotechnology companies ready for a crucial fund-raising step, the initial public offering (IPO). "In recent months, a number of IPOs were pulled, they didn't go through," says Philippe Pouletty, vice chairman of EuropaBio, the European bioindustry association based in Brussels. "So right now, it's not a perfect time."
About 20 companies in the United Kingdom, Germany, France, Italy, and Switzerland have the maturity, products, and late-stage clinical trials necessary for their first ...
