Abstract
In This Issue.
Aside from biotechnology's continued hot streak on Wall Street, the fourth
quarter was a quiet one for the life sciences industry, which raised only $6.4
billion in financings, the lowest quarterly total of 2005. Only four initial
public offerings (IPOs) were made in the United States, and both alliance and
ownership activity dropped dramatically. Secondary public offerings (SPOs)
were the only financial vehicle that increased over the third quarter's
totals, and biotech stocks turned in a strong fourth quarter, outperforming
the life sciences industry and the U.S. economy as a whole. In this report, we
review the fourth quarter's IPOs, SPOs, debt financings, private placement and
venture capital activity, ownership changes, and company alliances. We also
examine the most active pharmaceutical and biotech companies of the quarter.
In addition, we take an in-depth look at the year-end bidding war for Guidant
that drew the attention of the life sciences industry--as well as the business
world in general--by highlighting the current and likely continued
profitability of drug-eluting stents in the cardiovascular industry.
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