Give a little, get a lot

The biotechnology industry won a round in Washington last week, as the Securities and Exchange Commission adopted a policy that incorporates the substance of an industry proposal to change the way cash-rich biotech companies are treated under the Securities Act of 1940.

Given the tenuous public policy situation in Washington, it's important to note that the industry made some good moves on the SEC issue. Perhaps most important, the industry created a solution that recognized the intent of the Act and fashioned guidelines that would appeal to regulators on that score, as well as solving the industry's problem...