Despite the dismal economic climate, biotech stocks, financing, acquisitions and partnerships remained relatively solid. Although biotech indices have climbed only slightly since the beginning of 3Q07, they have performed much better than the broader indices, which plunged. Large bids to acquire Genentech (S. San Francisco, CA, USA) and ImClone (New York) also generated interest in the sector. Financing is unlikely to outstrip the $53 billion high in 2007, but last quarter actually managed to improve over a recent low in 2Q08.
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Nature Biotechnology (2009)