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This time may be different

The markets may be softening on biotech, but overall the sector remains in an incredibly strong environment.

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Figure 1: Biotech's five-year bull market.
Figure 2: Biotech's current performance in context of long-term investment cycles.
Figure 3: This time is different.
Figure 4: Three things that are not different in biotech today.


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The author would like to thank his colleagues at Atlas Venture for their helpful perspectives and input into the sector, and both K. Margeson and E. Silva for data and graphical support.

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Correspondence to Bruce L Booth.

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B.L.B. participates in partnerships that invest in biotech venture capital and has a pecuniary financial interest in the success of those investments.

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Booth, B. This time may be different. Nat Biotechnol 34, 25–30 (2016).

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