Industry
investor and analyst Steven Burrill (at right), CEO of Burrill & Co., reports that a record
$55.8 billion was raised by the biotech industry in 2009, which constitutes an 85 percent
increase over the $30.1 billion recorded in 2008. Mr. Burrill noted that these results were driven by $37 billion
in financial partnerships between large drug companies and biotech startups,
but warned startups that licensing their most promising developments will
ultimately lead to long-term limits on company growth. "You're not going to
grow a lot more Genentechs or Amgens," Mr. Burrill said. His comments regarding 2009 biotech funding were reported in an article appearing in the San Francisco Chronicle ("'Big Pharma' feed biotech startups record funds").
James DeGiulio has a doctorate in molecular biology and genetics from Northwestern University and is a third-year law student at the Northwestern University School of Law. Dr. DeGiulio was a member of MBHB's 2009 class of summer associates.
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