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Neuer Markt Drives German Shopping Spree

Capitalizing on their hefty valuations, German public biotechs are going on a shopping spree, swapping stock for other companies and thereby creating broader platforms of technologies and in some cases clinical pipelines. In their zest for turning their paper into harder industrial assets, German biotechs are showing themselves far more aggressive than the majority of their American and British counterparts.

Germany's biotech companies have enjoyed a long summer. Confidence in the three-year-old Neuer Markt has driven valuations to unprecedented levels; the number of biotechs has more than doubled this year alone. GPC Biotech AG had the then-largest IPO in May, raising $96 million [See Deal], only to be outperformed by MediGene AG ($102.5 million) [See Deal] and Lion Bioscience AG ($209 million) [See Deal] in June and August, respectively. The five biggest biotech IPOs this year raised a total of $680 million, with secondary listings reaching $170 million.

But most are realizing that the good times won't last forever. The same virus that hit Nasdaq and the UK's...

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