Michigan biotech firms turn to services; funding obstacle hurting discovery firms
The down economy appears to be providing opportunity for Ann Arbor’s biotech firms.Excerpt:Pressure on the world’s major pharmaceutical companies to develop new sources of revenue to replace expiring drug patents promises to be a boon to Michigan’s drug discovery sector. Yet at the same time, the global financial crisis and a shortage of funding for local biotech firms is pushing Michigan’s life sciences industry further into the services sector, several industry observers said. Pfizer’s proposed $68 billion acquisition of Wyeth may trigger a series of mergers and acquisitions in the biotech industry as the industry’s major players seek to freshen their drug pipelines with new drugs.Read the rest of the story here.
The down economy appears to be providing opportunity for Ann Arbor’s biotech firms.
Excerpt:
Pressure on the world’s major pharmaceutical companies to develop new sources of revenue to replace expiring drug patents promises to be a boon to Michigan’s drug discovery sector.
Yet at the same time, the global financial crisis and a shortage of funding for local biotech firms is pushing Michigan’s life sciences industry further into the services sector, several industry observers said.
Pfizer’s proposed $68 billion acquisition of Wyeth may trigger a series of mergers and acquisitions in the biotech industry as the industry’s major players seek to freshen their drug pipelines with new drugs.
Read the rest of the story here.
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