BioCentury
ARTICLE | Strategy

Europe's tight corset

October 14, 2002 7:00 AM UTC

European companies are starting to feel the pinch from both the capital markets and the slowdown in pharma partnering. Over the last three months, Europe has seen only 13 pharma deals - with none of the reported values over $90 million - which biotech historically has relied on to boost cash during bear market conditions.

As a result, both product and service companies are tightening belts, particularly those below $60 million in market cap. During the third quarter, six product companies and three tool/service companies all announced that they were restructuring. ...