ffirs.qxd 11/24/03 12:03 PM Page iii Biotech Industry A Global, Economic, and Financing Overview BRYAN BERGERON PAUL CHAN John Wiley & Sons, Inc. ffirs.qxd 11/24/03 12:03 PM Page i Biotech Industry ffirs.qxd 11/24/03 12:03 PM Page ii ffirs.qxd 11/24/03 12:03 PM Page iii Biotech Industry A Global, Economic, and Financing Overview BRYAN BERGERON PAUL CHAN John Wiley & Sons, Inc. ffirs.qxd 11/24/03 12:03 PM Page iv This book is printed on acid-free paper. ∞ Copyright © 2004 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada All figures created by Bryan Bergeron. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800- 762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Bergeron, Bryan P. Biotech industry : a global, economic, and financing overview / Bryan Bergeron p. cm. Includes bibliographical references and index. ISBN 0–471–46561–5 (CLOTH) 1. Biotechnology industries. I. Title. HD9999.B442B47 2004 338.4'76606—dc22 2003017976 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ffirs.qxd 11/24/03 12:03 PM Page v To Miriam Goodman ffirs.qxd 11/24/03 12:03 PM Page vi ffirs.qxd 11/24/03 12:03 PM Page vii About the Authors Bryan Bergeron teaches in the Health Sciences and Technology Division of Harvard Medical School and MIT and is the author of several books on biotechnology, business, and technology. He is president of Archetype Technologies, Inc., a technology consulting firm, and speaks internationally to business leaders on a variety of technology and business issues. Paul Chan has 15 years of experience in capital markets. He began his ca­ reer as a central banker, before progressing to become a top-rated equities analyst covering Asian markets. He has advised some of Asia’s largest pen­ sion funds and many international institutional investors. He is the Re­ gional Director in Asia for JCF Group, a leading European global equities and economics analytics firm. Paul has an honor’s degree in accounting and corporate finance from University of New South Wales, Australia, and a Master of Science from the London School of Economics. vii ffirs.qxd 11/24/03 12:03 PM Page viii