Obsessed with cash

Buysiders say 2009 will be a good year to pick up bargains, especially in the large and mid-cap space, but they don't expect big upside as there aren't many major milestones - meaning there is no hurry to go shopping. Indeed, the stock-picking rubrics of past years won't be driving 2009, as milestones and M&A play subordinate roles to the search for cash-efficient companies.

In BioCentury's 17th Annual Buyside View of biotech investor sentiment, the message to industry is that money managers will be looking to invest in companies with cash; companies that have revenues or assets that partners would be willing to pay for; companies without much debt; and management teams that manage their capital efficiently...