Competing in biotech's Premier League requires deep pockets, long term planning and the risk appetite to pursue novel technologies or targets that don't always pan out. BioCentury's 12th annual European Iceberg survey reveals that for the first time, the difference between the U.S. and Europe's privately held Premier League clubs has all but disappeared.

Not only did private European biotechs raise more money in 2013 than ever before, the average raised by companies in the top 10% matched the average raised by top decile players in the U.S.