Table 1: Highest value US licensing deals made by the top 20 Pharma companies, Q1-Q3 2008 23
Table 2: Weaker investor confidence in US Biotech is reflected in IPO and market cap valuations, 2006-08 42
Table 3: Ideal target biotech companies - attractive pipelines, a year or less in cash left, and less than $50m cash on hand, Q4 2008 58
Table 4: US public biotech company divestment deals since September 2008 59
Table 5: Biotechs that could be potentially used as public shells for reverse mergers, Q4 2008 62
Table 6: EUROTRANS-BIO Biotech funding organizations 75
Table 7: Exchange rates, 2007 90
Figure 1: Global ethical sales for the top 50 Pharma companies, 2006-12 10
Figure 2: $115 billion worth of branded drugs from the top 50 pharma companies face patent expiry through 2012 11
Figure 3: Number of approvals for New Molecular Entities (NMEs) declining by an average of 1.5 a year, 2000-07 12
Figure 4: External factors affecting product portfolios in the pharmaceutical industry, 2008 13
Figure 5: The line between licensing and M&A is becoming increasingly blurred 14
Figure 6: Schematic of trends affecting Biotech-Pharma licensing deals 16
Figure 7: Cash and equivalents and short-term investments for top 20 pharma and biotech companies ($m), Q2 2008 18
Figure 8: Number of US licensing deals made by the top 20 Pharma companies, Q1 2006 - Q3 2008 20
Figure 9: Number of US in-licensing deals made by the top 20 Pharma companies, Q1 2006-Q3 2008 22
Figure 10: Number of US licensing deals valued at $0-50m, made by the top 20 Pharma companies, Q1 2006-Q3 2008 25
Figure 11: The rising cost of licensing deals, 2000-05 26
Figure 12: Mean deal value by phase of drug (phase linked to furthest developed drug if deal is for multiple drugs) of deals made by the top 20 Pharma companies, Q1 2006-Q3 2008 27
Figure 13: Proportion of US licensing Phase I and III deals made by the top 20 pharma companies, Q1 2006-Q3 2008 29
Figure 14: Proportion of US licensing deals by therapy area made the top 20 pharma companies, Q1 2006-Q3 2008 30
Figure 15: More than half of biotech companies analyzed have a year or less in cash, Q4 2008 33
Figure 16: The majority of traditional sources of finance are now closed to Biotech following the 2008 'financial meltdown' 36
Figure 17: Eight mistakes that hurt your biotech company's valuation 37
Figure 18: Number of US Biotech financing deals, Q1 2006-Q4 2008 39
Figure 19: Capital raised from Biotech financing deals has declined throughout 2008 40
Figure 20: Number of US IPOs in 2008 is at an all-time low 41
Figure 21: Needs and challenges that drive Pharma-Biotech deals are complementary 47
Figure 22: Pharma will forgo forming partnership agreements, prioritizing M&A 49
Figure 23: Pros and cons of M&As without prior partnership agreements during the financial crisis 50
Figure 24: The most attractive biotech companies are also in need of the most cash, Q4 2008 52
Figure 25: Ideal acquisition targets for Pharma are Biotechs with attractive pipelines, high cash-burn rates and limited cash on hand 53
Figure 26: Publicly owned US biotech company (market cap under $1 billion) acquisitions announced since September 2008 55
Figure 27: Publicly owned US biotech company (market cap under $1 billion) acquisitions announced since September 2008 56
Figure 28: Ideal target Biotechs - attractive pipelines, a year or less in cash left, and limited cash on hand 57
Figure 29: The top 20 Pharma could increase profits by $202 billion to 2013 simply by cutting costs 65
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