'Biotech companies did just about everything biotech companies are supposed to do: they got products approved and they proved increasingly attractive to pharmaceutical companies, which stepped up to the plate for both alliances and acquisitions.'

If that quote sounds like a description of recent biotech performance, it isn't. In fact it was BioCentury's assessment of the industry's feel-good year in 1995, when a follow-on by Cephalon Inc., on the back of its Phase III data for Myotrophin IGF-1 in ALS, opened the floodgates for public equity offerings (see BioCentury, Jan. 2, 1996).