The expanding universe of public biotechs

With the exception of a fairly deep winter from 2007 to 2012, the universe of publicly traded biotechs has been on a steep upward march for nearly two decades. Even with the current contraction, the total number trading above $200 million is at its highest level, save for those heady bull market years of 2020-21. And yet, it’s not become any easier for companies to reach the highest market cap tiers.

This year’s Back to School essay asks what does it take to build a sustainable high-value biotech company? Breaking down the landscape by market cap tier, it examines how can companies chart a path to the top, and looks at the criteria for reaching each tier of valuation (see “Tier-jumpers: Building the road to sustainable biotechs”). ...