Right around the beginning of the year, we got a close-up look at what happens after a boom ripples through biotech. The crash of life sciences stocks in Q1 was heard around the world.
In the months since, we’ve seen the natural Darwinian down cycle take effect. Reverse mergers made a comeback, with more burned out shells to go public at a time IPOs and road shows are out of favor. And no doubt some of the more recent arrivals on the investing side of the business are finding greener pastures.
The fast money crowd will find something else to do, for a time. And what one biotech investor once described to me as the “comic book” biotechs will be gone.
The best of the private startups, though, have continued to thrive in a more difficult fundraising environment. The most important factors in new drug development — more powerful computational…
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