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2004: Consolidation Year for European Biotech?

 
• By Melanie Senior

Despite investors' pleas, most observers agree there are still far too many small, sub-critical biotech firms in Europe. Yet two late-2003 deals-CeNeS' acquisition of TheraSci, and Develogen's merger with Peptor-may point to more consolidation both in public and private European biotech during 2004. And the early signs are that such deals may be driven less by sheer desperation, and more by a recognition of what both public and private investors want.

Investors aren't totally ignoring European biotech, even on the public markets. A handful of decent-sized secondary offerings in the run up to Christmas—including proposed offerings from Xenova Group PLC and Antisoma PLC , worth £21.1 million ($36 million) and £15.2 million respectively [See Deal][See Deal]—and word that French diagnostics company bioMerieux SA has retained bankers for a potential IPO triggered some predictions of a brighter 2004. So did signs of confidence among private investors, which supported Lorantis Ltd. in a £25 million series C round [See Deal] and Intercell AG in the second closing of its C round, worth $50 million—allegedly the largest private fundraising in the last two years [See Deal].

The winter isn't over though: IPOs in Europe are still a no-go for biotechs (although specialty drug firm Sinclair...

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