The anticipated biotech bonanza on the Neuer Markt (Frankfurt, Germany) has not happened. The three German biotechs that went public earlier this year—Morphosys (Martinsried), MWG Biotech (Ebersberg), and Rhein Biotech (Maastricht, The Netherlands)—have all underperformed (Nature Biotechnology 17, 222). Since its March listing, Morphosys plunged 48% from €36.10 ($37.20) to a low of €18.40 in May, rising slightly to €20.25 in June. Rhein Biotech, which listed in April, has sunk 30% to €23. And MWG Biotech, after listing in May, has fallen 9.6% to €24.5. Moreover, the Neuer Markt itself is struggling: Since recording a 1999 high at the start of February, the Neuer Markt Performance Index has lost 18%, now registering 3,208.27 points. "Compared to US biotech firms, the share prices of the newly listed German companies were too high," says Eric Bernhardt, biotechnology analyst at Clariden Bank (Zurich, Switzerland). "The market only pays for sustainable earnings and products."