Financing remained difficult for publicly traded biotechs in 1Q09, but the sector still performed better than the broader stock market, with the BioCentury 100 off just 4%, compared with 13% for the Dow Jones Industrial Average and 12% for the S&P 500. Excluding partnerships (which also remained buoyant), the industry raised $4.7 billion, helped by $2 billion in notes sold by Amgen (Thousand Oaks, CA, USA). Private investment kept pace with the previous four quarters, raising >$1 billion.
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Yang, W. Biotech braves the winter in 1Q09. Nat Biotechnol 27, 410 (2009). https://doi.org/10.1038/nbt0509-410
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DOI: https://doi.org/10.1038/nbt0509-410
