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Science, the State, and the CityBritain's Struggle to Succeed in Biotechnology$
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Geoffrey Owen and Michael M. Hopkins

Print publication date: 2016

Print ISBN-13: 9780198728009

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780198728009.001.0001

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The Financing of Biotech

The Financing of Biotech

(p.170) 7 The Financing of Biotech
Science, the State, and the City

Geoffrey Owen

Michael M. Hopkins

Oxford University Press

This chapter addresses the question of whether the progress of the UK biotech sector has been held back by lack of support from the financial system. It looks in particular at whether UK investor short-termism is to blame for the dearth of large and consistently profitable British biotech firms. It is certainly true that, after allowing for the size of the two countries, the flow of capital into biotech has been far greater in the US than in the UK but the chapter suggests that this difference is due more to the different histories of the two biotech sectors—America’s early start in biotechnology, and the presence of well-established institutions that support high-tech firms in the US, such as NASDAQ, contrasting with the slower development of the UK financial institutions for the emerging sector.

Keywords:   evergreen funds, institutional investors, IPOs, patient investors, short-termism, stock markets, venture capital, takeovers

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