European Financing: The Money's Back, But How Do You Get It?
Two of Europe's handful of IPOs this season are struggling to stay afloat. Bankruptcies continue among private German biotechs. Yet VCs have more money than ever and two of the European biotech flotations were the second- and third-largest globally during this window. What do Europe's biotechs need to do in this new, cautious and contradictory era in order to raise private funds and survive on the open markets? In Vivo Europe Rx asked three top leading European financiers.
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There's a perceived transatlantic divide when it comes to biotechnology financing. European firms, the conventional wisdom goes, lack VC the support of their North American counterparts and thus are at an inherent disadvantage. But an analysis of 2004's VC financing trends shows that on average, European biotechs have pulled in respectable Series A and Series B rounds--later stage financing is another story.
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