Monday, January 11, 1993
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.