102 volume 29 number 2 FebruArY 2011 nature biotechnology

>$1 billion each and a total raised of $22.4 billion—up 131% from 2009. Initial public offerings also heated up, with 31 biotechs raising $1.6 billion versus 10 raising $928 million in 2009.

The biotech industry raised $36.2 billion last year, excluding partner-ship monies—the most since the genomics bubble of 2000. The tally was helped by several large debt deals, with eight companies raising

2010—bumper year for big biotechWalter Yang

800

900

1,000

1,100

1,200

1,300

1,400

BioCentury 100Dow JonesS&P 500

NASDAQNASDAQ BiotechSwiss Market

Ind

ex

11/1

010

/10

9/10

8/10

7/10

3/10

2/10

1/10

12/0

912

/10

Month6/

105/

104/

10

Stock market performanceThe biotech indices were all up >15%, outperforming the Dow and S&P 500.

0 10 20 30 40 50 60 70

2010

2009

2008

2007

2006

2005

30.11, 23.51, 5.41, 3.47, 1.61, 2.19

36.92, 10.34, 5.15, 6.15, 0.93, 2.28

20.00, 3.32, 5.24, 1.87, 0.13, 3.15

22.40, 11.66, 6.79, 4.38, 3.08, 4.95

17.27, 6.11, 5.40, 4.84, 1.86, 2.66

PartnershipDebt and other �nancingVentureFollow-onIPOPIPEs

Amount raised ($ billions)

19.80, 11.86, 5.68, 5.58, 2.03, 4.70

Global biotech industry financingExcluding partnerships, the industry raised $36.2 billion in 2010, up 46% from 2009 and 164% from 2008, during the economic crisis.

Partnership figures are for deals involving a U.S. company. Source: BCIQ: BioCentury Online Intelligence, Burrill & Co.

Global biotech venture capital investmentVenture money was up 5% year-on-year to $5.4 billion.

01,0002,0003,0004,0005,0006,0007,0008,000

Am

ount

rai

sed

($ m

illio

ns)

2005

781,4563,862

62980

4,104

1341,4695,18645

1,1914,444

671,4643,878

Year

Asia-Paci�cEuropeAmericas

2009200820072006 2010

571,1524,032

Table indicates number of VC investments and includes rounds where the amount raised was not disclosed. Source: BCIQ: BioCentury Online Intelligence

2005 2006 2007 2008 2009 2010Americas 183 213 228 214 209 225

Europe 100 87 108 103 89 104

Asia-Pacific 9 8 11 6 5 6

Global biotech initial public offeringsThirty-one biotechs raised $1.6 billion via IPOs in 2010, up from 10 that raised $928 million 2009.

Table indicates number of IPOs. Source: BCIQ: BioCentury Online Intelligence

2005 2006 2007 2008 2009 2010Americas 18 26 24 1 4 18

Europe 24 21 21 3 3 9

Asia-Pacific 3 3 7 2 3 4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Am

ount

rai

sed

in IP

Os

($ m

illio

ns)

2005

Asia-Paci�cEuropeAmericas

15930913

12116

6

5851,0551,435

98869

1,06399

2301,284

Year2009200820072006 2010

65158705

Venture capital Amount raised

($ millions)Round number

Date closedCompany (lead investors)

Pacific Biosciences (Gen-Probe) 109 6 14-JulArchimedes (Novo Growth Equity) 98 Not available 2-MarReata (CPMG, Novo A/S) 78 7 12-JulAiCuris (Santo Holding, Bayer AG) 75 2 14-Aprimmatics (MIG Funds, AT Impf, dievini Hopp BioTech)

70 3 21-Sep

Relypsa (OrbiMed) 70 2 13-SepIPOs

Amount raised ($ millions)

Change in stock price since offer

Date completedCompany (lead underwriters)

Ironwood (JPMorgan, Morgan Stanley, Credit Suisse)

215.6 –8% 2-Feb

Pacific Biosciences (JPMorgan, Morgan Stanley)

200.0 –1% 26-Oct

Aveo (JPMorgan, Morgan Stanley) 89.7 62% 11-MarReva Medical (Inteq) 85.3 13% 21-DecAmyris (Morgan Stanley, JPMorgan, Goldman Sachs)

84.8 67% 28-Sep

Licensing/collaboration

Researcher InvestorValue

($ millions) Deal descriptionMacroGenics Boehringer

Ingelheim2,160 Discover, develop and commercialize bispecific

antibody therapeuticsMesoblast Cephalon 2,050 Develop and commercialize products derived

from Mesoblast’s adult stem cell technologyf-star Boehringer

Ingelheim1,723 Discover and develop antibody-derived thera-

peutics using f-star’s antibody technologyIsis GlaxoSmithKline 1,500 Discover and develop RNA-targeted therapeu-

tics for rare and infectious diseasesaProposed deal value Source: BCIQ: BioCentury Online Intelligence

Mergers and acquisitions

AcquirerValue

($ millions)Date

announcedTargetMillipore Merck KGaA 5,600 28-FebOSI Pharma Astellas 4,000 17-MayTalecris Grifols 3,400a 7-JunValeant Biovail 4,800 21-JunAbraxis Celgene 2,900 30-JunCrucell Johnson & Johnson 2,400a 17-SepDionex Thermo Fisher Scientific 2,100 13-Dec

Notable 2010 deals

Walter Yang is Research Director at BioCentury

DATA PAGE©

201

1 N

atu

re A

mer

ica,

Inc.

All

rig

hts

res

erve

d.