Biotechnology, a specialty sector that lost favor along with technology funds, appears to be making a comeback, judging from a very strong offering by two private-equity biotechnology funds, Reuters reports.
Venture capital firm Abingworth Management of London has raised $350 million for its sixth private-equity biotechnology fund. In June, Schroder Ventures Life Science raised $402 million for its private-equity fund. Undoubtedly, this means better times ahead for biotechnology companies, according to Reuters.
In fact, the American Stock Exchange Biotechnology Index is up 42% since March. In fact, more than 50 biotechnology companies in Europe are planning initial public offerings, according to Ernst & Young.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.