Monday, October 5, 1998
If the biotech industry can't create some merger and acquisition
activity now - when the equity markets are sending a clear signal that the funding
window has been nailed shut - perhaps it never will.
By now, everyone knows that biotech stock trading was simply
horrible in the third quarter, with the BioCentury 100 Price Level index falling
another 8 percent. The sector is now down 15 percent in 1998, and 28 percent
below its level a year ago.