Piper exits Europe

Piper Jaffray's decision to stop selling securities for European issuers means resident biotechs will have even less access to full-service banks that offer small- and mid-cap companies a range of capabilities across capital markets, M&A and research. The move is likely to hit the U.K. in particular, given that the firm's European headquarters is in London.

Still, even though Piper has been Europe's leading biotech underwriter, it's not clear the exit will make the already difficult European biotech fundraising environment any worse...