Europe: Less beef on the bull

Europe has seen significant gains in both biotech valuations and investor confidence over the last 12 months since the market low of March 7, 2003. Over the 12-month period, the BioCentury London index was up 43%, while the BioCentury Europe index gained 140%. As in the U.S., some of these gains have been scaled since the first week of March, but with two IPOs now through the window, the sentiment remains generally upbeat.

While gains in London were only about half the U.S. advance of 80% in the first year of the bull, the push in Europe began from a very low base, caused primarily by the failure of Germany's Neuer Markt in 2002. The low valuations provided a nice entry for investors.

European value movers in the year since March 7 include 9 companies that ballooned more

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