Monday, April 5, 1999
London & the Continent
OXFORD - Europe sent mixed messages in the first quarter as to what's ahead for the rest of the year, with the U.K. sector looking up while the Continent got a taste of the downside of biotech.
After two and a half years of decline, the U.K. sector appeared to hit bottom in the past quarter. Conversely a number of continental European biotech companies experienced their first serious drops in market cap. With British companies much more advanced in their product development programs than continental companies, the expectation is that the U.K. sector now may be on the threshold of delivering its first examples of revenue generating biotech companies.