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German Biotech: Coalescing around the Haves

Executive Summary

Positive signs are coming out of German biotech for the first time in years. Scientific output remains strong. The subsector boasts its first profitable pharmaceutical-oriented company; several on- or near-market products, and even a nascent IPO market. The fact that dozens of companies are expected to go bust this year is another sign of the industry's maturation. The long-awaited consolidation predicted in the wake of the Neuer Markt demise is seemingly finally happening. The have-nots are finally beginning to cluster around the haves.
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