Europe: Normalcy returns

2001 Financial Markets Preview

Europe: Normalcy returns

OXFORD - European market watchers expect to see a return to calmer market conditions this year. While a return to normalcy could seem boring after the frenzy of 2000, it also could test the breadth of biotech's investor base, while more reasonable valuations could encourage more M&A.

Before the slump in prices in the fourth quarter, last year's leap in valuations brought many new general funds into the sector, including, as Nomura banker David Porter noted, "some funds which should not have been there at all." But after the sell off from the sector's highs, especially on the Neuer Markt, European investors who aren't

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