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UK Biotech Learns the Hard Way

 
• By Melanie Senior

A bunch of UK biotech firms are in trouble, some forced to restructure and others to seek financing on miserably expensive terms. All wish they'd raised more money during the funding bonanza of 2000. Challenging times such as these reveal lingering cracks--and lack of experience--in strategy and business management. This suggests that UK industry, although it has matured significantly since the brutal blow to confidence dealt by a major product failure at British Biotech during the sector's tender early years, still has some way to go.

UK biotech is struggling through a winter almost as harsh as that brought on by British Biotech PLC during the mid-nineties. This time, though, it's not just about one product failure at one company. A bunch of firms are in trouble, some forced to restructure and others to seek financing on miserably expensive terms. All wish they'd raised more money during the funding bonanza of 2000.

Cancer play Antisoma PLC last month announced a highly dilutive four-for-three rights issue to raise £22 million, just months away from running out of cash [See Deal]. Bioglan...

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