The US debt downgrade and Dendreon's lower than anticipated sales of Provenge (sipuleucel-T) conspired to torpedo the biotech markets. Funding also declined, with $4.1 billion excluding partnership monies, the lowest since 4Q08. Despite the poor quarter, biotechs have raised $27.6 billion so far this year, more than in 7 of the past 10 years. Public offerings were up 18% from a year ago but down 50% from 2Q11; debt and other funding deals were down from 3Q10, as were private biotech financings.
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Yang, W. Biotech plummets in 3Q11. Nat Biotechnol 29, 962 (2011). https://doi.org/10.1038/nbt.2036
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DOI: https://doi.org/10.1038/nbt.2036
