Ebb & Flow

Lion bioscience (FSE:LIO) was Europe's biggest-ever biotech IPO - the company raised E227.9 million ($205.5 million) in August 2000 on the promise of its bioinformatics business. Within a few weeks, the stock more than doubled to E100.50 from its IPO price of E44.

That's about where the party ended. Since then, the stock has been on the decline and, for the past year, LIO has been reorganizing (see "Lion Chronicles"). ...