Midlife crisis

Investor enthusiasm for European biotech is falling away just as the industry's capital demand continues to rise in response to a plethora of maturing clinical programs. Investors are shying away from mid-stage companies, preferring either very late stage/commercial companies or very early stage opportunities.

As a result, European biotech companies with pre-proof of concept clinical assets that are running short of money are at risk of a Titanic-like collision with the iceberg that is Europe's demand for capital over the next three years...