Europe's Iceberg 2011: Unlocking hidden value

The European biotech industry is now about a generation old - long enough for investors and managements to benefit from the experiences of several business cycles. While it is easy to complain about the flaws in Europe, from too little capital to managements that are still catching up to their U.S. counterparts, experienced European VCs and public equity managers are seeing opportunity where others see a glass half empty. They are placing their money accordingly and are likely to do very well.

Thus, while companies complain there are too few European VCs and hence too little capital, the top European venture players are seeing an open playing field where they can invest in assets at a discount compared to the U.S. - and then sell those assets at global prices...