The BioCentury 100 gained 7 percent in the second quarter, but was outpaced by the Dow Jones Industrials and the NASDAQ Composite, which gained 12 percent and 9 percent, respectively. Notably, the laggard of the index crowd was the Amex Pharma Index, which fell 8 percent on the quarter and is down 4 percent on the year, after posting a pistol-hot 46 percent gain in 1998.

London shares fared well, with The BioCentury London Index up 14.5 percent.

Gap widening

The larger biotechs continued to pull away from the rest of the group.