Business

Biotech industry saw growth in 2004

NEWS IN BRIEF — Posted Jan. 24, 2005

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Biotech companies raised more than $20 billion last year, including 30 firms that joined the publicly traded ranks through initial public offerings, according to a report by Burrill & Co, a San Francisco-based life sciences merchant bank.

The 30 IPOs raised nearly $1.8 billion in 2004, and Burrill is expecting even more companies to go public in 2005. More than half of the funds raised by biotech firms last year were through partnerships and licensing agreements, a trend the bank expects to continue this year.

Biotech's market capitalization rose 16% in 2004, from $344 billion to $400 billion, according to the report.

Note: This item originally appeared at http://www.ama-assn.org/amednews/2005/01/24/bibf0124.htm.

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