Valuations for some major biotechs are coming down to big pharma levels. In fact, based on 2011 earnings projections, the P/Es for five of nine profitable biotechs now average multiple of 9.2, close to the 9.1 average for big pharma. Factoring in growth potential, however, still shows biotech accelerating earnings at a higher rate than big pharma. Price-to-Earnings Growth ratios thus suggest