Biting the invisible hand

The workings of the market can be an ugly sight seen up close. Good companies can't raise enough money and their valuations are too low; dubious companies can raise more than they deserve at valuations that are too high; and everyone knows there are far more companies than the bioscience sector can sustain.

As this latest offerings window has creaked open, there have been some rumblings - or grumblings - to the effect that some of the constraints have slipped on companies wishing to raise money, with the result that lower-quality deals are coming to the market.