Biotech 2009-Life Sciences: Navigating the Sea

Change is the 23^rd edition of this yearly publication. It provides a compass to guide you through the current financial market turmoil. The 400-plus page book contains analysis and perspectives on the performance of the industry in 2008 and projections for 2009 and beyond.

The biotech industry has had nearly 40 years of easy access to inexpensive capital. The capital markets have permanently restructured, making access to capital more difficult and expensive to access. The changes mean:

• Buy-side interest and resources are reduced.
• Venture capitalist and private investors no longer can rely on IPOs for exits.
• Big Pharma is not as eager to make deals. As these companies see it, technology will be cheaper to buy if they wait.
• Falling oil prices may slow the momentum for alternate fuels.