Europe's Iceberg

The living dead

OXFORD - Of the 68 publicly quoted life sciences companies in Europe, only eight command a market cap in excess of $500 million, while only 16 have a market cap above $250 million. What is worse is that many companies are running short on finance and will need to box clever if they are to survive.

"If a public company has a market cap of less than $100 million, it really is in the dead zone," warned Oxford Bioscience's Ned Olivier.