Europe's dilemma

Peering into 2003, European equity markets for biotech look muted, as the flight of institutional capital to the U.S. continues apace, and European biobanking scales back from its expansion binge during the retail-driven genomics bubble.

Going forward, the question is where the demand will come from to revive a viable public market for biotech stocks in Europe and broaden a sellside infrastructure now focused on a handful of names in the U.K. and on the Continent...