Ebb & Flow

The first quarter is already the biggest on record for European biotech fundraising, pushed by a handful of giant deals. With a week to go, $2.6 billion has been raised, beating the prior high of $2.4 billion in 3Q00.

The $900 million private placement by Shire (LSE:SHP; SHPGY) in February is the reason for the good quarter. But Basilea (SWX:BSLN) helped last week, with a CHF324.3 million ($268.5 million) rights issue and private placement underwritten by Piper Jaffray, Morgan Stanley, Credit Suisse and UBS. ...