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As published for the week of Monday, August 03, 2015

  • Cover Story: Finance: Taiwan's post-bubble prognosis

    What lies in store for Taiwanese biotechs following a deflated bubble

    By Steve Edelson, Senior Editor

    More than a year after BioCentury chronicled investor enthusiasm for biotechs in Taiwan, the bubble has deflated. It's tempting to blame the downturn simply on retail investors who didn't get up to speed as quickly as hoped. But a closer look suggests that investor expectations were derailed by two late-stage clinical snafus, while a resurgence of interest in Taiwan's technology and IT plays has come at biotech's expense.

    The meteoric rise of Taiwan biotech started in 2009. In May 2013, the trade group Taiwan Bio Industry Organization said the market cap for its biotech and pharma sector had grown by 520% over the prior four years.

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Money Raised in 2015

Last week, the biotech industry raised $1,142 million, bringing to $65.1 billion the total raised year-to-date. In 2014, a total of $54.8 billion was raised, including $21.5 billion in debt, $11.1 billion in follow-ons, $4 billion in PIPEs and other equity, $9.1 billion in IPOs, and $9.1 billion in venture capital. Totals include overallotments and warrants, and are rounded to the nearest millions.

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