3Q Financial Market Preview
The markets are up in Europe and share volumes have increased, indicating a strengthening in investor enthusiasm, but no public companies have yet dared to seek financing rounds. The dilemma for European companies is judging when the markets will open and if they can be ready in time. Unlike in the U.S., European companies cannot so easily raise money through convertible debt, PIPEs and IPOs, making timing an offerings window more crucial.
Besides this, institutional European investors are concentrating on opportunities in the U.S. According to most bankers, about 80% of dedicated EU biotech cash is invested in U.S. companies. The reason is clear. "Money is being directed towards product companies, and quite simply there are more product companies in the U.S.," said Greg Parekh, head of European healthcare