Bio-Europe Spring 2013
March 11-13, 2013, Barcelona, Spain 

• 2,071 attendees
• 10,805 one-to-one meetings 
• 2,148 licensing opportunities posted
• 1,219 companies
• 136 company presentations 
• 56 exhibitors 
• 50 countries represented
• 19 workshops and panels

At the annual Bio-Spring meeting in Barcelona Spain on 11th March 2013, Bernhard Kirschbaum of Merck Serono noted that the entire industry is “struggling with innovation” and Denise Pollard-Knight, a managing partner at Phase4 Ventures, noted that the venture capital industry is undergoing big changes. Limited partners are putting pressure on funds to achieve quicker exits and higher multiples whilst the pharmaceutical company buyers of these assets are “squeezing us on the earn-outs and the buyouts.” David Thomas, director of industry research and analysis at BIO, cited statistics from HBM Partners showing that the ratio of the total proceeds from trade sales to amount invested in a biotech is in the vicinity of 4.3 times, and time to M&A exit has climbed to 8.9 years in 2012. Dr Thomas said that clearly, no venture capital fund economic model can survive with a multiple close to 4 and an exit time of eight or nine years, when the magic numbers used to be six for six.

Next Bio-Europe: November 4-11, 2013, Vienna, Austria

Next Bio-Europe Spring: March 10-12, 2014, Torino, Italy

http://www.ebdgroup.com/bes/index.php

Author : Jean-Claude MULLER, Special Advisor,Innovation & International Relationship (I&IR)

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