In case you missed it in BioCentury Extra, the biotech sector blew past the $8 billion annual fundraising level for the first time on Thursday, and then topped off the week with a rush of deals on Friday that included a $358.8 million follow-on by Medarex Inc. (MEDX) and a $120 million note deal by Alexion Pharmaceuticals Inc. (ALXN). With about $4.5 billion worth of proposed securities still on the table, the industry could go on holiday for the rest of the year and still raise $13 billion in 2000.

But in the past month, worriers also have surfaced on both sides of the equation: biotech companies worried that the bubble will burst, and some investors worried that the bubble is too big to join in.

Thus it is probably not too early to stimulate some focus on managing beyond the bull, whenever it ends, and to argue that first principles for corporate and industry development should prevail regardless of market conditions.

Confusing valuation & value

Unlike any previous biotech bull market, this funding round is so robust that it will allow the group to create fundamental value that is both massive and sustainable, the hallmarks of a true industry.