BIO 2006
April 10th 2006
Biotech 2006
Life Sciences: A Changing Prescription
G. Steven Burrill, CEO
Burrill & Company
1
©2004 Burrill & Company. Confidential & Proprietary.
Burrill & Company
Exclusive focus on life sciences—human healthcare (Rx and Dx),
nutraceuticals/wellness, agbio, industrial, enabling technologies
 Venture Capital Group

Venture Capital—investing across the entire spectrum of the life sciences/biotechnology . . . over $625
million for investment, raising $300-500 million for BLSCF III
 Merchant Banking Practice




Strategic Partnering including licensing, research and other collaborations
Strategic Advisory Services including new company formation
Merger & Acquisitions across life sciences
Spin-outs ranging from products, to research divisions to disease area franchises
 Media


Conferences
Publications

Headcount: 50+ professionals and staff

Location: San Francisco
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©2004 Burrill & Company. Confidential & Proprietary.
Burrill Venture Capital Funds Under Management ($ millions)
 Burrill Life Sciences Capital Fund III (2005) $300-500
 Funds Under Management:
 BLSCF III (First Close)
$110
 Burrill Life Sciences Capital Fund II (2002/2003)*
$211
 Burrill Life Sciences Capital Fund I
$302
 Burrill Biotechnology Capital Fund (1999)*
$140
 Burrill Agbio Capital Funds I & II (1998/2001)*
$101
 Burrill Nutraceuticals Capital Fund (2000)*
$61
 Total Under Management at 12/31/05
$623
*Including substantially invested reserves/commitments for subsequent financings in existing portfolio companies
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©2004 Burrill & Company. Confidential & Proprietary.
Merchant Banking Group Services
Strategic Development
Early Stage Research to Product
Development & Commercialization
•P&G/Taigen
•Wyeth
•ViroPharma/Schering Plough
M&A Transactions
Transactions across Life Sciences
•Purdue/Safeguard
•Operon/Quiagen
•ViroPharma/Schering Plough
Financing
Spin-Outs & Divestitures
Create a new Company or
into an established Entity
•RJR/Targacept
Potential Scope of
Merchant Banking Group
Client Relationship
Advisory/Private Placement
•SangStat
•Immune Response
•Baxter/VimRX
•Lilly/Ipsen
•Danisco/Genencor
Advisory Services
Strategic Transaction Advice
•Sugen/Pharmacia
•Acrux/Vivus
4
©2004 Burrill & Company. Confidential & Proprietary.
Burrill Created/Hosted Industry Events
For inquires, contact Thea Schwartz at (415) 591-5477 or tschwartz@b-c.com
5
©2004 Burrill & Company. Confidential & Proprietary.
Publishing
 The 2006 Biotech Industry Book
 Life Science Indices (monthly)
 Personalized Medicine
 Stem Cells
 Monthly & Quarterly Newsletters – China, India, Canada, Strategic
Partnering/M&A
 Burrill Website – Online resource for keeping up-to-date information
about the biotech industry
Burrill & Company is the “go to” firm for industry insight
6
©2004 Burrill & Company. Confidential & Proprietary.
Industry Reports
The seminal industry report for the last 20 years
To order most recent book visit www.burrillandco.com
7
©2004 Burrill & Company. Confidential & Proprietary.
This presentation is available
for download from our website
www.burrillandco.com
8
©2004 Burrill & Company. Confidential & Proprietary.
Visit us at BIO
Booth #2300
…and purchase our book!
9
©2004 Burrill & Company. Confidential & Proprietary.
So what’s happened in these 20 years?
(By the way…Biotech started over 10-15 years earlier…late ’60s/early ’70s…
so it’s a 35 year old industry now!)
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©2004 Burrill & Company. Confidential & Proprietary.
We’re Evolving…
1986/Then
2006/Now
•
Title: At the Crossroads
•
Title: A Changing Prescription
•
Industry size: 700 Companies
– 150 public
•
Industry size: 5000+ companies
– 500 public
•
Market Cap: $15B
•
Market Cap: $500B (US only)
•
Top 5 Companies
– Genentech
– Cetus
– ALZA
– ABI
– Centecor
•
Top 5 US Companies
– Genentech
– Amgen
– Gilead
– Genzyme
– Biogen
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©2004 Burrill & Company. Confidential & Proprietary.
Themes in ’86 book
…At The Crossroads
• Science being converted to business
• Products coming to market place
• Are product liability, regulatory reform, patent court
behavior insurmountable barriers?
• Partner or vertically integrate?
• Acquisitions by pharma desirable?
• How will the industry evolve?
12
©2004 Burrill & Company. Confidential & Proprietary.
Themes in ’06 book
…A Changing Prescription
• From blockbusters…to niche markets
• From genomics, proteomics, and systems biology to personalized,
predictive and preventative medicine (3 P’s)
• From small molecule drugs to MAbs/proteins/stem cells
• From reimbursement to payer issues where CMS becomes the
dominant player
• From a healthcare dominated industry to agbio being real and
industrial biotech hot
• From a challenging IPO market to M&A
• From the U.S. to “Chindia”, Europe and a global industry
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©2004 Burrill & Company. Confidential & Proprietary.
Conclusions
1986/Then
•
1986/Then
2006/Now
•
A time for confidence, not
questioning.
•
…A Changing Prescription (the future
will be real different.)
•
Biotech companies will survive and
prosper as a unique group, not just
subsumed into the pharma industry.
•
5000+ companies…it’s a worldwide
growing “industry”
•
Some of the companies leading today
(‘86) will remain industry leaders in
the decades ahead.
•
Amgen/Genentech will continue as
leaders, yet new ones have emerged
(Gilead, Serono, Biogen Idec).
•
The industry will become major
contributors to the well being and the
economy.
•
It has happened, even more than
anticipated, and is becoming
increasingly important.
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©2004 Burrill & Company. Confidential & Proprietary.
So what are today’s take home messages?
•
•
•
•
•
The time is now for life sciences
Confluence of technologies is changing biotech and the healthcare
world
Personalized, predictive and preventative medicine is changing
healthcare
Payor/reimbursement world is changing with Medicare’s power
(single payors dominate)
Market opportunities are different today (pandemic diseases,
memory, obesity, aging, and wellness)
•
Wellness is a huge growth market
•
AgBio is back, animal genomics is ready
•
Industrial biotech’s time has arrived
•
Chindia is hot
•
Capital markets worldwide are robust, but expensive
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©2004 Burrill & Company. Confidential & Proprietary.
Industry Overview
•
Industry is 30+ years old, generating over $85 billion in revenues
•
5000 companies worldwide, 600 public companies
•
•
•
•
•
Life sciences has a strong performance record, even in difficult
economic and political times; outperformed Dow and NASDAQ
Over 100 products on the market (many > $1 billion drugs); 350
biotech drugs are in late stage clinical trials (strong pipeline)
Agbio products are now grown on 200 million acres world wide
and growing at 20% per year; over 1 billion acres have been planted
Patents protect product/technology exclusivity, rewarding
innovation and limiting competition
Broad applications in healthcare (cure & provention), food and
agriculture, industrial (chemicals, fuels & materials)
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©2004 Burrill & Company. Confidential & Proprietary.
Biotech’s Globalness Begins Day 1







Science/technology
Intellectual property/patents/FTO
People
Communications
Competition
Capital
Markets—diseases know no borders
Even the smallest biotech is a global player
from Day One
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©2004 Burrill & Company. Confidential & Proprietary.
Key Industry Stats
Biotech 2006
USA
Europe
Asia/Pacific
Canada
Sales / Revenue
$72B
$12B
$3B
$2B
Annual R&D
$19B
$5B
.3B
$0.6B
# of Companies
1,500+
1,600+
700+
470
# of Employees
146,100
68,000
12,000
7,440
363
120 ≈
140
81
$491B
$26B
$15B
$14B
# of Public Cos.
Market
Capitalization
Source: Burrill & Company, Ernst & Young
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©2004 Burrill & Company. Confidential & Proprietary.
Pharma vs. Biotech Industry Market Cap ($B)
Company
3/31/06 12/31/05
Pfizer
183
12/31/04
12/31/03
9/30/02
12/31/01
12/31/00
12/31/99
172
199
280
192
251
290
124
J&J
Merck
Eli Lilly
BMS
174
186
184
154
112
181
146
129
75
69
69
103
165
133
216
153
61
65
65
77
50
88
105
75
48
46
47
58
65
112
145
125
Pfizer/Merck
258
241
268
383
357
384
506
277
Total US Biotech
494
491
399
342
213
366
425
312
Industry
1.9x
2.0x
1.5x
0.9x
0.6x
1.0x
0.8x
1.1x
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©2004 Burrill & Company. Confidential & Proprietary.
12
/3
1
1/ /20
26 03
2/ /20
18 04
3/ /20
11 04
/2
4/ 00
2/ 4
4/ 20
27 04
5/ /20
19 04
6/ /20
14 04
/2
7/ 00
7/ 4
7/ 20
29 04
8/ /20
20 04
9/ /20
14 04
10 /20
/ 0
10 6/2 4
/2 00
11 8/2 4
/1 00
12 9/2 4
/1 00
4/ 4
2
1/ 00
6/ 4
1/ 20
31 05
2/ /20
23 05
3/ /20
17 05
4/ /20
11 05
/2
5/ 00
3/ 5
5/ 20
25 05
6/ /20
17 05
7/ /20
12 05
/2
8/ 00
3/ 5
8/ 20
25 05
9/ /20
1 0
10 9/2 5
/1 00
1 5
11 /20
/2 05
11 /2
/2 00
12 5/2 5
/1 00
9 5
1/ /20
12 05
/2
2/ 00
6/ 6
2
3/ 00
1/ 6
3/ 20
23 06
/2
00
6
Burrill Select, Amgen, Genentech vs. Pfizer, Merck
1/1/04–3/31/05 Performance
140%
120%
100%
80%
©2004 Burrill & Company. Confidential & Proprietary.
AMGN
DNA
Last 12 Months
Select
PFE
MRK
60%
40%
20%
0%
-20%
-40%
-60%
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©2004 Burrill & Company. Confidential & Proprietary.
Feb-06
Dec-05
Oct-05
Aug-05
Jun-05
Apr-05
Feb-05
Dec-04
Biotech Industry Market Cap by Month
Oct-04
Aug-04
Jun-04
Apr-04
500
Feb-04
Dec-03
Oct-03
Aug-03
Jun-03
Apr-03
Feb-03
Dec-02
Oct-02
Aug-02
Jun-02
Apr-02
Feb-02
Dec-01
Oct-01
Aug-01
Jun-01
Apr-01
Feb-01
Dec-00
Oct-00
Aug-00
Jun-00
Apr-00
Feb-00
Dec-99
$ Billions
Historical Biotech Market Cap 2000–2006
BIO ’05 to BIO ‘06
600
+ 23%
400
300
200
100
0
21
U.S. Pharma Market Cap (top 5 companies)
2004 vs. 2006 (in billions)
700
$608
600
-25%
500
$458
400
300
200
100
0
2004
Source: FBR, Burrill & Company
3-31-2006
Includes: BMY, LLY, MRK, PFE, SGP, WYE
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©2004 Burrill & Company. Confidential & Proprietary.
b-
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Total Market Cap ($ billion)
Top 5 US Pharma vs. Biotech Market Cap
$800
$700
Top US Pharma
$600
$500
$400
Total Biotech Market Cap
$300
$200
$100
$0
©2004 Burrill & Company. Confidential & Proprietary.
23
Biotech R&D Spending has Outpaced Pharma
as a Function of Market Cap
Cowen Top 100 Biotech
Top 10 Pharma
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©2004 Burrill & Company. Confidential & Proprietary.
…so that’s the baseline
Now, what’s really happening…
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©2004 Burrill & Company. Confidential & Proprietary.
Today’s medicine challenge: One size doesn’t fit all
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©2004 Burrill & Company. Confidential & Proprietary.
Pharmacogenomics shapes the healthcare business in 2000+
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©2004 Burrill & Company. Confidential & Proprietary.
140 Years of Drug Discovery Technology
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©2004 Burrill & Company. Confidential & Proprietary.
Confluence of Technology/Tools/Knowledge
29
©2004 Burrill & Company. Confidential & Proprietary.
Innovation Gap Getting Wider
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©2004 Burrill & Company. Confidential & Proprietary.
Drug Development Costs Escalate
Costs are becoming prohibitive
Source: Windhover’s In Vivo. The Business & Medicine Report. Bain drug economics model, 2003
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©2004 Burrill & Company. Confidential & Proprietary.
A systems biology approach- follow the pathways
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©2004 Burrill & Company. Confidential & Proprietary.
Analyzing The Molecular Profiles (Biosignatures) of
Body Functions in Health and Disease
The Molecular Basis
of Biological Processes
The Molecular
Heterogeneity
of Disease
Alterations in Disease
Disease Subtypes
New Targets for
Dx, Rx, Vx
Right Rx for
Disease
Individual Genetic
Variation
Pharmacogenetics
Disease
Predisposition
New Targets
for Dx,
Rx, Vx
PDx
PRx
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©2004 Burrill & Company. Confidential & Proprietary.
MDx is at the Center of the New Dx World
34
©2004 Burrill & Company. Confidential & Proprietary.
Selected Targeted Treatments

Personalized cancer vaccines

Favrille – FavId for non-Hodgkin's lymphoma

Genitope – MyVax for non-Hodgkin's lymphoma

Gleevec (Novartis) - pH+ CML kinase inhibitor

Iressa (AstraZeneca) – EGFR tyrosine kinase inhibitor

Tarceva (Genentech/OSI) – HER1/EGFR inhibitor

Erbitux (ImClone/BMS) – HER1/EGFR inhibitor

Avastin (Genentech) – VEGF/VEGFR inhibitor

Herceptin (Genentech) – HER2 inhibitor

BilDil (NitroMed) - heart failure in African American patients
Other “Semi Targeted” Treatments (approved or late stage trials)

Nexavar (Bayer/Onyx) – multikinase inhibitor

Tykerb (GSK) - ErbB-2/EGFR inhibitor

Enzastaurin (Lilly) - PKC-Beta, AKT/P13 inhibitor
35
©2004 Burrill & Company. Confidential & Proprietary.
Obesity Related Diseases
•
Diabetes – Costs $98 billion
–
–
90% of Type II diabetics are obese
70% of those at risk are obese
•
Heart Disease – Costs $8.8 billion
•
Stroke
•
Hypertension - $4.1 billion
–
Doubles incidence of hypertension
•
Gall bladder disease – $3.4 Billion
•
Osteoarthritis - $21 billion
•
Sleep apnea – more prevalent then diabetes !
•
Some forms of cancer
36
©2004 Burrill & Company. Confidential & Proprietary.
Aging . . . Is it a disease?

About 1.4 million Americans are in their 90s, and another
64,000 are 100 years old or older

Baby boomers represent 30% of the total US population

Per person, seniors consume about five times the drugs of
their working-age counterparts
By 2030, 20% of US population will be over 65 years of age
37
©2004 Burrill & Company. Confidential & Proprietary.
Medicines in Development for Older Americans*
*some medicines are listed in more than one category
38
©2004 Burrill & Company. Confidential & Proprietary.
Chronic Disease

125 million Americans have 1 or more chronic conditions (e.g.
congestive heart failure, diabetes)

Chronic diseases account for 75% of all health care expenditures

Current costs for chronic diseases is approaching $1 trillion

These expenditures are not delivering what is possible
39
©2004 Burrill & Company. Confidential & Proprietary.
Stratifying into risk categories
Diabetes type 1: What’s becoming possible?
Predictive/Preventative
(Wellness)
Personalized Medicine
40
©2004 Burrill & Company. Confidential & Proprietary.
What is Driving Personalized Medicine?
 Convergence
in technology…scientific advances and
new technology
 Patient
care and rising consumerism
 Payors
(of all types) have economic incentive
Government health policy an global spending (e.g.: CMS)
41
©2004 Burrill & Company. Confidential & Proprietary.
This Confluence of Healthcare Technology is bringing us…
•
Targeted therapies (mutation specific), personalized
medicine
•
Drug/device combinations (drug eluding stents)
•
Molecular diagnostics/Algorithm based diagnostics
•
Non-invasiveness
•
•
Non-hospital based with constant monitoring…
Increased predictions and prevention
42
©2004 Burrill & Company. Confidential & Proprietary.
…that’s changing the healthcare economy
•
Better outcomes/patients living longer
•
Costs going up/more patients treatable…
•
…But, US system leaves 25-45m uninsured/underinsured
•
Consumer healthcare is here to stay (copays ),
individuals empowered and informed
43
©2004 Burrill & Company. Confidential & Proprietary.
Healthcare costs have been raising for a long time
44
©2004 Burrill & Company. Confidential & Proprietary.
US Healthcare Expenditures vs. Drug Costs
2,000.0
12.0%
% Fraction of NHC Expenditures
1,800.0
NHC Expenditures (billions)
10.0%
1,600.0
1,400.0
8.0%
1,200.0
1,000.0
6.0%
800.0
4.0%
600.0
400.0
2.0%
200.0
0.0
0.0%
1960
1970
1980
1990
2000
2001
2002
2003
2004
Source: US National Health Statistics
45
©2004 Burrill & Company. Confidential & Proprietary.
Healthcare costs are growing much faster than
productivity (revenue per employee)
$220,000
$6,000
$200,000
CAGR=3%
$5,500
GM Cannot Compete $5,000
$160,000
Healthcare costs per car are $4,500
$1700
$140,000
CAGR=10%
more then Toyota
$180,000
$120,000
$4,000
Revenue per employee
Healthcare costs per employee
$100,000
$3,500
1998
1999
2000 2001
2002
Source: Hewitt Health Value Initiative; United States Census; Bureau of Labor Statistics (2002 Productivity
estimated based on first 3 Quarters)
46
©2004 Burrill & Company. Confidential & Proprietary.
…So, healthcare cost increases are
on everyone’s agenda•
Politicians/Congress/White House
•
Payors/Reimbursors/Insurers
•
Physicians/Providers
•
Patients/Consumers
…and patients are empowered, have economic
costs, and really want to stay well!
47
©2004 Burrill & Company. Confidential & Proprietary.
CMS Becomes Dominate Customer
(40% of market in 2008)
2002 Rx Payment Sources (bil)
Medicaid
$28.6
2008 Projected (bil)
Medicaid
$30
Other
Public $5.0
Out of
Pocket
$48.6
Other
Public
$10
Medicare
$65
Medicare
$2.6
Out of
Pocket
$60
Private
Ins
$95
Private Ins
$77.6
Total = $162.4
Total = $260
Source: 2002 data: Health Affairs Volume 23, Number 1; January 2004.
2008 data: Tag & Associates estimate.
48
©2004 Burrill & Company. Confidential & Proprietary.
. . . and what’s happening
to big pharma?
Putting Biotech into Context
49
©2004 Burrill & Company. Confidential & Proprietary.
Worldwide Global Pharmaceutical Sales
Global Sales ($USD, B)
$600
$500
Total Market Value ($B)
$400
$300
$200
$100
$0
1997
1998
1999
2000
2001
2002
2003
2004
50
©2004 Burrill & Company. Confidential & Proprietary.
…by the way, the Global Nutraceuticals Industry is $196 Billion
40
38%
30
Natural
Personal
Care
9%
Supplements
34%
30%
Percentages
Functional
Food
36%
20
18%
Natural &
Organic
Foods
21%
10
4%
4%
2%
0
2%
ra
lia
/N
Z
ic
a
us
t
A
tin
of
La
es
t
Am
er
As
ia
a
hi
n
pa
n
Ja
C
R
or
th
N
Natural & Organic Foods
Natural Personal Care
A
Supplements
Eu
ro
pe
m
er
ic
a
Functional Food
Source: Nutrition Business Journal/Burrill & Company
51
©2004 Burrill & Company. Confidential & Proprietary.
Despite All Efforts, Total Shareholder Returns Have Fallen by
26 Percentage Points Since 1998
Source: IBM Life Sciences Solutions
52
©2004 Burrill & Company. Confidential & Proprietary.
Looking Forward, Patent Exposure is Set to Increase Significantly
53
©2004 Burrill & Company. Confidential & Proprietary.
Biogeneric Status of Biotech Drugs
54
©2004 Burrill & Company. Confidential & Proprietary.
Manufacturer Reported Serious Adverse Events
Per Fiscal Year
55
©2004 Burrill & Company. Confidential & Proprietary.
Pulled from the Market
Date
Approved
Date
Withdrawn
Drug Name
Use
Risks
2004
2001
Tysabri
Bextra
Multiple Sclerosis
Pain reliever
Rare, frequently fatal demyleinating disease of CNS
Heart attack/stroke; fatal skin reactions
2005
2005
1999
Vioxx
Pain reliever
Heart attack/stroke
2004
1997
Baycol
Cholesterol
Severe damage to muscle, that is
sometimes fatal
2001
1999
Raplon
Anesthesia
An inability to breathe normally
2001
1993
Propulsid
Heartburn
Fatal heart rhythm abnormalities
2000
1997
Rezulin
Type 2 diabetes
Severe liver toxicity
2000
1988
Hismanal
Antihistamine
Fatal heart rhythm abnormalities
1999
1997
Raxar
Antibiotic
Fatal heart rhythm abnormalities
1999
1997
Posicor
High blood pressure
Dangerous interactions with other drugs
1998
1997
Duract
Pain reliever
Severe liver damage
1998
1985
Seldane
Antihistamine
Fatal heart rhythm abnormalities
1998
1973
Pondimin
Obesity
Heart valve abnormalities
1997
1996
Redux
Obesity
Heart valve abnormalities
1997
56
©2004 Burrill & Company. Confidential & Proprietary.
Number of New Biotech —
Big Pharma Collaborations 1993-2005
517
502
425
450
411
384
373
400
350
300
250
200
165
150
100
228
224
229
1997
1998
1999
180
117
69
50
0
1993
1994
1995
1996
2000
2001
2002
2003
2004 2005
Source: BioWorld Financial Watch, American Health Consultants, BioCentury
57
©2004 Burrill & Company. Confidential & Proprietary.
Selected Biotech Partnering Last 12 Months
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Biogen/Protein Design Labs
Alnylam/Novartis
Medarex/BMS
Pfizer/Coley
Shire/New River
Plexxikon/Wyeth
Nastech/Merck
Avanir/Astra Zeneca
Cilag/Basilea Pharma
Pharmasset/Roche
CancerVax/Serono
Astex/AstraZeneca
GSK/Theravance
Sirna/Allergan
GenMab/Serono
Sucampo/Takeda
Novartis/Avanir
$800M
$700M
$530M
$505M
$500M
$372M
$341M
$340M
$308M
$300M
$278M
$275M
$252M
$250M
$215M
$210M
$210M
58
©2004 Burrill & Company. Confidential & Proprietary.
2005 Partnering Highlights

Partnering continues to play an important role in our
industry – over $17 B in transaction values in 2005

Significant jump in average total Phase I deal values


From $57M in 2004 to $82M in 2005
Big Pharma continues to partner early to access key
technologies, targets and products
59
©2004 Burrill & Company. Confidential & Proprietary.
Selected Biotech M&A Last 12 Months

Medicis/Inamed
$2.8B

Solvay/Fourier Pharma
$2.1B

Pfizer/Vicuron
$1.7B

Shire/TKT
$1.6B

GSK/ID Biomedical
$1.4B

Meda/Viatris
$1.0B

OSI/Eyetech
$0.9B

Genzyme/BoneCare
$0.6B

Danisco/Genencor
$0.6B

Pfizer/Angiosyn
$0.5B

Protein Design Labs/ESP Pharma
$0.5B

GSK/Corixa
$0.4B
60
©2004 Burrill & Company. Confidential & Proprietary.
2005 M&A Highlights

Continued generic consolidation


Sandoz-Hexal/Eon; Teva-Ivax
Japanese big pharma acquisitions

Sankyo-Daiichi; Takeda-Syrrx; Sosei-Arakis

With the 2005 IPO window tight, M&A became an
increasingly attractive “exit” mechanism

Big Pharma acquired for single products (J&J-Peninsula) and
strategic technologies (Roche-GlyCart)

Amgen remained acquisitive with Abgenix transaction
61
©2004 Burrill & Company. Confidential & Proprietary.
Selected Significant Mergers Involving Biotechs- 1990-2006
Companies
Year
Value ($M)
Novartis/Chiron
Amgen/Abgenix
UCB/Celltech
Amgen/Tularik
Amgen/Immunex
Millennium/Cor Therapeutics
MedImmune/Aviron
Shire Pharma/Biochem Pharma
Invitrogen/Life Technologies
Ciba-Geigy/Chiron
Roche/Genentech (60%)
2006
2005
2004
2004
2001
2001
2001
2000
2000
1994
1990
$5.4B
$2.2
$2.7
$1.3
$16.0
$2.0
$1.5
$4.0
$1.5
$2.1
$2.1
62
©2004 Burrill & Company. Confidential & Proprietary.
So what does Big Pharma do better than anyone else?
•
Discovery?
•
Development?
•
Manufacturing?
•
Distribution?
•
Disease Management?
Answer:
???
63
©2004 Burrill & Company. Confidential & Proprietary.
Wellness: Its time has come
•
Rising healthcare costs are impacting individuals
•
Rising incidence of chronic disease
•
Recognition of the importance of genetic variation
•
•
Scientific knowledge base for:
– Personalization
– Cost effective technologies
Financial markets beginning to recognize opportunity
64
©2004 Burrill & Company. Confidential & Proprietary.
Food and Lifestyle can Influence our Genes
and How they Work
•
•
Diet – Gene Interactions
Exercise – Gene Interactions
65
©2004 Burrill & Company. Confidential & Proprietary.
What you eat – “or what your mother ate”
can determine your health!
Genetically identical mice from genetically identical
mothers were fed different amounts of
specific nutrients during pregnancy
66
©2004 Burrill & Company. Confidential & Proprietary.
The Emerging Health & Wellness Market
Genotyping
Prognosis
of
Predisposition
Diet Functional Foods Medical Foods Drugs
Health & Wellness
management against a set of
personalized biomarkers
Personalized nutrition
67
©2004 Burrill & Company. Confidential & Proprietary.
Many New Players in an Emerging Market
Bioactives
Health and
Wellness
Market
Dietary supplements
Alternative Health
DS Companies
68
©2004 Burrill & Company. Confidential & Proprietary.
79
Dec-98
Feb-99
Apr-99
Jun-99
Aug-99
Oct-99
Dec-99
Feb-00
Apr-00
Jun-00
Aug-00
Oct-00
Dec-00
Feb-01
Apr-01
Jun-01
Aug-01
Oct-01
Dec-01
Feb-02
Apr-02
Jun-02
Aug-02
Oct-02
Dec-02
Feb-03
Apr-03
Jun-03
Aug-03
Oct-03
Dec-03
Feb-04
Apr-04
Jun-04
Aug-04
Oct-04
Dec-04
Feb-05
Apr-05
Jun-05
Aug-05
Oct-05
Performance of the Healthy Living and Obesity Indices
vs. the S&P 500 & Russell 2000
640
600
Healthy Living
Obesity
520
440
400
©2004 Burrill & Company. Confidential & Proprietary.
S&P 500
Russell 2000
560
Obesity
480
Healthy Living
360
320
280
240
200
160
120
80
40
69
Whole Foods Market (WFMI) Stock Performance
70
©2004 Burrill & Company. Confidential & Proprietary.
…And what about the regulators?

Leadership changes

Phase III/IV (Pharmacovigilance)

Drug Safety Review Board (Vioxx, Tysabri)

GMP—Chiron vaccine problems, others

Generics

Theranostics (Rx/Dx)…critical path initiative
71
©2004 Burrill & Company. Confidential & Proprietary.
Number of Products Approved — 1980–2005
45
New Indications
40
35
Biotech Drugs
30
25
20
15
10
5
0
1982 1983 1984 1985 1986
1987 1988 1989 1990 1991
1992 1993 1994 1995
1996 1997 1998 1999 2000
2001 2002 2003 2004 2005
72
©2004 Burrill & Company. Confidential & Proprietary.
Biotech’s Big Drugs
Top 20 Biotech Drugs Ranked by 2004 Revenue*
Drug
Company
Disease
Epogen
Aranesp
Rituxan
Enbrel
Neulasta
Avonex
Neupogen
Rebif
Synagis
Cerezyme
Viread
Gonal-f
Avastin
Herceptin
Visudyne
Provigil
Renagel
Actiq
Erbitux
AmBisome
Amgen
Amgen
Genentech and Biogen-IDEC
Amgen
Amgen
Biogen-IDEC
Amgen
Serono
MedImmune
Genzyme
Gilead
Serono
Genentech
Genentech
QLT
Cephalon
Genzyme
Cephalon
ImClone
Gilead
Anemia
Anemia
Non-Hodgkin lymphoma
Arthritis
Neutropenia
Multiple sclerosis
Neutropenia
Multiple Sclerosis
Infectious disease
Gaucher disease
HIV
Infertility
Metastatic Colorectal Cancer
Breast cancer
Wet AMD
Excessive Daytime Sleepiness
End-stage Renal Disease
Breakthrough Cancer Pain
Metastatic Colorectal Cancer
Infectious disease
2004 Sales ($M) 2003 Sales ($M)
$2,601
$2,473
$2,326
$1,900
$1,740
$1,417
$1,175
$1,091
$942
$839
$783
$573
$555
$483
$448
$439
$364
$344
$261
$212
$2,435
$1,544
$1,982
$1,300
$1,256
$1,168
$1,267
$819
$849
$739
$567
$526
NA
$425
$356
$290
$282
$237
NA
$198
% Change
7%
60%
17%
46%
39%
21%
-7%
33%
11%
14%
38%
9%
NA
14%
26%
51%
29%
45%
NA
7%
* Biotechnology revenues only. Pharma partner revenues excluded.
73
©2004 Burrill & Company. Confidential & Proprietary.
Biotechnology Drugs in Clinical Development
74
©2004 Burrill & Company. Confidential & Proprietary.
. . . and the marketplace
is changing too
75
©2004 Burrill & Company. Confidential & Proprietary.
Big “new” markets

Obesity/diabetes/metabolic disease

Alzheimer's/memory

Anti-aging

Anti infectives (antibiotic resistance)

Wellness (preventative/predictive cure)
76
©2004 Burrill & Company. Confidential & Proprietary.
Is the blockbuster Model Really Dead?
“From a strategic standpoint, of meeting the needs of
our customers, the current blockbuster
model doesn’t work.”
Sidney Taurel, Chairman & CEO, Eli Lilly & Co.
Drugs Get Smart, Business Week, September 5, 2005
77
©2004 Burrill & Company. Confidential & Proprietary.
The Personalized Medicine Model
The right drug for the right patient at the right time
•
•
Utilizes pharmacogenomics, which benefits from the recent advances
of genomics/proteomics technology
Reduced development cost; shorter development time from discovery
to launch
•
Smaller clinical trials required to prove efficacy in target population
•
Greater probability of clinical compounds reaching market
•
Better safety profile
•
•
Treat specific populations based on biomarkers or molecular
diagnostics/imaging results
Product focus: personalized medicines (nichebusters) that do not
require blockbuster-sized sales to generate attractive returns
78
©2004 Burrill & Company. Confidential & Proprietary.
Market Trends and Drivers: Revolutionary Technologies
and Evolutionary Practices
79
©2004 Burrill & Company. Confidential & Proprietary.
Who cares and who will drive change?
•
Individuals
–
–
–
•
•
•
•
•
Bearing more of the burden
Already spend almost 30% of drug spend
Role of Self Care & consumer-driven health care
HMOs
Re-insurers
Corporations
Baby boomers – aging activists!
Governments (CMS in the US)
80
©2004 Burrill & Company. Confidential & Proprietary.
Ag-Biotechnology
Outlook for the Future
81
©2004 Burrill & Company. Confidential & Proprietary.
The Demands for Agriculture Stay the Same
8
7
6
World
Population
5
4
Arable Land
(billion ha.)
3
Farmland per
person(ha)
2
1
0
1950
1975
2000
2020
More food on less land with half the water.
1999-United Nations
82
©2004 Burrill & Company. Confidential & Proprietary.
Market Overview – Agriculture
83
©2004 Burrill & Company. Confidential & Proprietary.
Global Area of Biotech Crops 1996 to 2005 by Crop
84
©2004 Burrill & Company. Confidential & Proprietary.
GM Acreage Continues to Grow Mostly
in the Developing World
Countries
India
Spain
Brazil
China
S. Africa
Canada
Argentina
USA
% Increase
2003-2004
400
80
66
32
25
23
17
11
Source: Bio 2005
85
©2004 Burrill & Company. Confidential & Proprietary.
©2004 Burrill & Company. Confidential & Proprietary.
Jan-06
Nov-05
Sep-05
-50%
Jul-05
0%
May-05
Mar-05
Jan-05
Nov-04
Sep-04
Jul-04
May-04
Mar-04
Jan-04
Nov-03
Sep-03
Jul-03
May-03
Mar-03
Jan-03
Nov-02
Sep-02
Jul-02
May-02
Mar-02
Jan-02
Monsanto Relative Performance vs. Merck & Pfizer
200%
150%
100%
Monsanto
50%
Pfizer
Merck
-100%
86
Animal genomics: Its time has finally come
•
Chicken, Cow sequenced with pig in progress
•
Marker assisted breeding now possible
•
Traceability and animal sorting creating value
•
Comparative genomics brings validity and funding
•
Major opportunity in emerging infectious diseases
–
SARS, BSE, Avian Flu
87
©2004 Burrill & Company. Confidential & Proprietary.
Industrial Bio is here, finally…
2005 was the Year of the Tipping Point
•
Robust technology
•
Broad applications
•
EU has led ‘White Biotech’
•
Waiting for market pull
•
Concerns over energy “addiction”
88
©2004 Burrill & Company. Confidential & Proprietary.
In 2005 Many of the Drivers Aligned
Cost of crude oil escalated dramatically !
89
©2004 Burrill & Company. Confidential & Proprietary.
Loss of Energy Security
•
•
Geopolitical unrest wherever oil is produced
Extreme weather demonstrated the vulnerability of supply
90
©2004 Burrill & Company. Confidential & Proprietary.
Growing Worldwide Demand for Energy
•
•
•
Finite reserves will cost more to extract
Demand is growing rapidly, much in Pac
Rim countries, especially China & India
420 x 1015 currently going to 650 x 1015
btu by 2030
91
©2004 Burrill & Company. Confidential & Proprietary.
All This Accelerated Policy Changes Worldwide
•
Just a few examples
–
–
–
–
•
US Farm and Energy bill
EU – Biodiesel subsidies
China – Sustainable energy
Malaysia – Biodiesel
In 2004 – 2005 things began to move
quickly
92
©2004 Burrill & Company. Confidential & Proprietary.
The Biorefinery Platform Using Agricultural Feed Stocks
93
©2004 Burrill & Company. Confidential & Proprietary.
Industrial Biotech is hot…
•
The limitless potential of IB was there
•
The fundamental technology was in place
–
•
•
•
Sure it will improve and even enable exotic
solutions
But the economics, markets and policies were
not in alignment
In 2005 demands for energy pushed IB over
the tipping point
More to come - quickly
94
©2004 Burrill & Company. Confidential & Proprietary.
(China/India)
»
»
What’s happening?
Impact
95
©2004 Burrill & Company. Confidential & Proprietary.
China Has A Large And Rapidly Growing Economy
Real GDP in US$ billions (Based on Purchasing Power Parity)
2004
2010
U.S.
10,332
7,334
China
Japan
India
Germany
2,274
3,291
2,392
India
2,790
Japan
4,509
2,719
U.K.
1,736
France
1,725
Italy
1,620
Italy
1,869
Brazil
1,462
Brazil
1,821
Russia
1,449
Russia
1,721
Source: CIA world Fact book
France
44
10,529
China
U.K.
19
13,783
U.S.
Germany
Projected Accumulative
GDP Growth (2004-2010) %
1,984
1,980
10
37
14
14
15
15
25
19
Average 17%
96
©2004 Burrill & Company. Confidential & Proprietary.
Unprecedented Growth in China Life Sciences Markets
Total Health Care Spending
Total Biotechnology Market
(US Billion Dollars)
(US Billion Dollars)
150
CAGR
16%
CAGR
19%
8.8
70
34
2000
2.2
2005
2010
2000
4.5
2005
2010
Total Pharmaceutical Market
Total Medical Devices Market
(US Billion Dollars)
(US Billion Dollars)
CAGR
17%
18
2000
70
CAGR
19%
32
14.8
• 5th largest
pharmaceutical
market by 2010
(Boston Consulting
Group)
• 3rd largest medical
devices market by 2010
(Goldman Sachs)
• Excellent investment
and merchant banking
opportunities
6.3
3.2
2005
2010
2000
2005
2010
Source: IMS; Frost & Sullivan; E&Y; literatures search, World Bank; Burrill Analysis, Goldman Sachs, BCG
97
©2004 Burrill & Company. Confidential & Proprietary.
China Life Sciences Strengths
 Low costs in drug R&D and manufacturing
 High growth potential in domestic market driven by aging population
and improved personal income
 Large researcher talent pool with technology and industry knowledge and
skills
 Strong central and local government support, with favorable tax policies
and grants
 Special strengths:
Gene therapy, stem cell research, Traditional Chinese
Medicine (TCM), chemistry services
Sources: *IMS Global Health
98
©2004 Burrill & Company. Confidential & Proprietary.
China’s Pharma Market To Become #5 World Wide by 2010
China’s market size for ethical & OTC drugs in USD$Billion
2002 Top 10
USA
196
Japan
53
Germany
20
France
19
UK
14
Italy
13
Spain
9
Canada
8
Mexico
8
China
6
Total
346
2005 Top 10
USA
262
Japan
65
Germany
24
France
21
UK
16
Italy
15
China
14
Brazil
10
Canada
10
Spain
10
Total
447
2010 Top 10
USA
466
Japan
81
Germany
37
France
28
China
24
UK
24
Italy
23
Canada
17
Spain
16
Brazil
15
Total
731
Source: Boston Consulting Group
99
©2004 Burrill & Company. Confidential & Proprietary.
China Biopharmaceutical Roadmap
High Margin
Proprietary/
Innovation
We are here
Commodity/
“Copies”
Low Margin
Time
Services
and
Commodity
based
businesses
Technology
Transfer
Co-development
Proprietary
Pipeline
100
©2004 Burrill & Company. Confidential & Proprietary.
India – Innovation is Increasing
•
State of Innovation:
–
–
Innovation historically has been in process improvement
However, there are a growing number of patents and
publications from government and academic labs
Indian Patents & Publications
300
250
200
150
Publications
Patents
02
01
20
00
20
20
99
19
98
97
19
96
19
19
95
19
94
93
19
92
19
19
19
91
100
50
0
Year
-Nature Magazine
101
©2004 Burrill & Company. Confidential & Proprietary.
Findings – Innovation stems from both
Govt. Labs and Industry
–
–
The Government of India (GOI) has doubled
biotech research spending from $175 million
from 1997-2002 to $350 million from 2002 -2007
R&D investments of the top 5 pharma
companies had crossed $270 million mark in
2004
102
©2004 Burrill & Company. Confidential & Proprietary.
Selected FDA Approved Plants Outside the U.S.
India
61
Italy
60
Spain
25
China
22
Taiwan
9
Hungary
5
Israel
7
0
Source: Businessworld
10
20
30
40
50
60
70
Number of Plants
103
©2004 Burrill & Company. Confidential & Proprietary.
Capital Markets
104
©2004 Burrill & Company. Confidential & Proprietary.
US Biotech Industry Fundraising ($ in Millions)
Public
1999
2000
2001
2002
2003
2004
2005
Q106
IPO
$670
$6,490
$440
$445
$456
$1,701
$819
$303
Follow-on
5,805
12,651
2,540
979
3,536
3,388
4,194
1,522
PIPEs
1,433
4,061
1,741
1,007
2,051
2,417
2,376
1,042
Debt
1,520
5,728
4,848
5,251
7,170
8,418
5,565
5,421
$1,084
$2,872
$2,397
$2,688
$2,841
$3,733
$3,518
$734
$9
$178
$294
$269
$1,114
$115
Private
VC
Other
$237
$203
Total Financing
$10,749
$32,005
$11,976
$10,548
$16,348
$19,927
$17,586
$9,137
Partnering
$5,844
$6,901
$7,486
$7,496
$8,933
$10,933
$17,268
$6,436
Total
$16,593
$38,906
$19,462
$18,044
$25,281
$30,860
$34,854
$15,573
Source: Burrill & Company
105
©2004 Burrill & Company. Confidential & Proprietary.
US Biotech Industry Fundraising ($ in Millions)
Bio ’05 to Bio ‘06
Public
IPO
Q305
Q405
Q106
Total
$286
$168
$303
$757
$1,217
1,522
4,076
$858
$533
1,042
2,433
$2,508
$247
5,421
7,726
$845
$955
$734
$2,534
$176
$524
$115
$815
Follow-on
PIPEs
Debt
$1,337
Private
VC
Other
Total Financing
Partnering
Total
$6,010
$3,644
$9,137
$18,791
$3,279
$7,745
$6,436
$17,460
$9,289
$11,389
$15,573
$36,251
Source: Burrill & Company
106
©2004 Burrill & Company. Confidential & Proprietary.
Capital Raised 1980-2005
$ 40, 000
$ 35, 000
Financings
Partnering
$ 30, 000
$ 25, 000
$ 20, 000
$ 15, 000
$ 10, 000
$ 5, 000
$0
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
107
©2004 Burrill & Company. Confidential & Proprietary.
Biotech’s Five Cycles
Length of Rallies/Droughts in Months
Droughts
60
Rallies
50
40
30
20
10
0
1983
1986
1991
1995
2000
2003
108
©2004 Burrill & Company. Confidential & Proprietary.
2005 US Biotech IPOs
Company
ViaCell
Favrille
Icagen
Threshold
Aspreva
Cardiovascular Bio
Xenoport
Gentium S.p.A
Advanced Life Sciences
Coley Pharma
Sunesis Pharma
Genomic Health
Avalon Pharma
Accentia Biopharma
CombinatoRx
Somaxon Pharma
NUCRYST Pharma
Ticker
Pricing Date
Issue Price
Current Price (3/24/05)
% Change to date
VIAC
FVRL
ICGN
THLD
ASPV
CVBT.OB
XNPT
GNT
ADLS
COLY
SNSS
GHDX
AVRX
ABPI
CRXX
SOMX
NCST
1/20/2005
2/2/2005
2/2/2005
2/3/2005
3/3/2005
3/14/2005
6/1/2005
6/15/2005
8/5/2005
8/9/2005
9/27/2005
9/28/2005
9/29/2005
10/27/2005
11/9/2005
12/14/2005
12/21/2005
$7.00
$7.00
$8.00
$7.00
$11.00
$10.00
$10.50
$9.00
$5.00
$16.00
$7.00
$12.00
$10.50
$8.00
$7.00
$11.00
$10.00
$5.50
$7.05
$8.35
$14.58
$26.97
$7.40
$25.77
$10.10
$3.33
$16.00
$6.93
$11.47
$5.08
$6.35
$10.98
$16.15
$9.88
-21%
1%
4%
108%
145%
-26%
145%
12%
-33%
0%
-1%
-4%
-52%
-21%
57%
47%
-1%
$9.18
$11.29
23.0%
17 Companies
MCap 3/24/05 Approx.$
($M)
Raised
$211
$53
$143
$42
$184
$40
$543
$37
$921
$79
$911
$17
$509
$53
$81
$22
$94
$35
$414
$96
$149
$42
$281
$60
$43
$29
$185
$19
$220
$42
$291
$55
$163
$45
$314
$45
109
©2004 Burrill & Company. Confidential & Proprietary.
2006 US Biotech IPOs
Company
Ticker
Pricing Date
Issue Price
Current Price (3/24/05)
Altus Pharmaceuticals
SGX Pharmaceuticals
Valera Pharmaceuticals
Iomai Corp.
Acorda Therapeutics
Alexza Pharmaceuticals
ALTU
SGXP
VLRX
IOMI
ACOR
ALXA
1/24/2006
1/31/2006
2/1/2006
2/1/2006
2/10/2006
3/8/2006
$15.00
$6.00
$9.00
$7.00
$6.00
$8.00
$23.30
$7.86
$10.38
$6.03
$5.90
$9.84
$8.50
$10.55
6 Companies
MCap 3/24/05
% Change to date
($M)
55%
$489
31%
$112
15%
$153
-14%
$102
-2%
$112
23%
$221
18.2%
$198
Approx.$
Raised
$121
$25
$35
$35
$36
$44
$49
110
©2004 Burrill & Company. Confidential & Proprietary.
IPO Window Summary 2003-2006 (as of 3/31/06)
# of IPOs
Amount Raised *
Perf. since IPO
Ups / Downs
2/5
2003
7
$438 M
-6%
2004
29
$1,628 M
+30%
2005
17
$819 M
+21%
10 / 7
2006
6
$303 M
+18%
4/2
TOTAL
60
$2,892 M
+16%
14 / 14/ 1acq.
30 / 29 / 1acq.
* Includes over-allotments
111
©2004 Burrill & Company. Confidential & Proprietary.
IPO Valuations
$1,300
$1,200
$1,100
$1,000
Mean Pre-Money INCLUDING EYET, IDIX & THRX, CVBT.OB
Mean Pre-Money EXCLUDING EYET, IDIX & THRX, CVBT.OB
$209M
$165M
$900
$800
Capital Raised
$M
Estimated Pre Money
$700
$600
$500
$400
$300
$200
$100
AC
AV US
GTNC
CNOP
M VX
Y
NTOG
PHMD
R
EY M
E
GT T
RN XI
CGVS
DV TK
XCAX
TR YT
ANCA
D
SN S
M TS
E
COMY
IM RT
M
BT C
R
CY X
AC TK
CRAD
AL TX
N
IN Y
M HX
B
M RX
N
SN TA
XGMX
EN
ID
AU IX
M XL
N
NRKD
THPH
CTRX
R
AD X
Z
VI A
AC
FV
R
IC L
G
TH N
AS L D
CVPV
XNBT
P
GN T
AD T
COLS
SN LY
G H SS
AVDX
R
AB X
CR PI
SO XX
M
NC X
S
AL T
SGTU
X
VL P
R
IO X
AC MI
O
AL R
XA
$0
Company Ticker
112
©2004 Burrill & Company. Confidential & Proprietary.
AC
AVU S
G NC
T
C OP
NV
N X
T
PHMD
M RM
Y
EYOG
G ET
R TX
N I
C VS
G
D TK
VA
XC X
TR Y T
ANCA
S DS
M NTS
E
C MY
O
IM RT
BTMC
C RX
ACYTK
C AD
R
ALTX
IN NY
M HX
B
M RX
SNNTA
XGMX
E
I N
AUDIX
M X
N L
N KD
R
THPH
C RX
T
ADRX
Z
VI A
FVAC
IC RL
THGN
A S LD
C PV
V
XNBT
P
G T
AD N T
C LS
O
S N LY
G SS
H
AVDX
R
A X
C BP
R
SO XXI
N MX
C
ALST
SG TU
V LX P
RX
ACIOM
I
ALOR
XA
Market Capitalization ($M)
IPO Market Capitalization History 2003-2006
$2,000
Market Cap. Appreciation Since IPO
$1,800
©2004 Burrill & Company. Confidential & Proprietary.
Market Cap. Loss Since IPO
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
Biotech IPOs 2003-6
113
DJIA, NASDAQ and Burrill Select 2005-Early 2006
35%
30%
25%
Burrill Select
DJIA
NASDAQ
20%
15%
10%
5%
0%
114
©2004 Burrill & Company. Confidential & Proprietary.
16-Mar
23-Feb
2-Feb
12-Jan
22-Dec
1-Dec
10-Nov
20-Oct
29-Sep
8-Sep
18-Aug
28-Jul
7-Jul
16-Jun
26-May
5-May
14-Apr
24-Mar
3-Mar
10-Feb
20-Jan
30-Dec
-5%
-10%
-15%
Burrill Large-, Mid- and Small-Cap 2005-Early 2006
40%
Large Cap
30%
Mid Cap
20%
Small Cap
10%
0%
-10%
-20%
-30%
115
©2004 Burrill & Company. Confidential & Proprietary.
16-Mar
23-Feb
2-Feb
12-Jan
22-Dec
1-Dec
10-Nov
20-Oct
29-Sep
8-Sep
18-Aug
28-Jul
7-Jul
16-Jun
26-May
5-May
14-Apr
24-Mar
3-Mar
10-Feb
20-Jan
30-Dec
-40%
Biotech 2006
•
•
•
•
•
•
•
•
•
The time is now for life sciences
Confluence of technologies is changing biotech and the healthcare world
Personalized, predictive and preventative medicine is changing healthcare
Payor/reimbursement world is changing with Medicare’s power
Market opportunities are different today (pandemic diseases, memory,
obesity, aging, and wellness)
Wellness is a huge growth market
AgBio is back, animal genomics is ready
Industrial biotech’s time has arrived
Capital markets worldwide are robust, but expensive
Biotech is a global business
Be aggressive, be bold…the competition is
116
©2004 Burrill & Company. Confidential & Proprietary.
Biotech’s on a roll…
the next 12 months will be the industry’s best!
117
©2004 Burrill & Company. Confidential & Proprietary.
BIO 2006
April 10th 2006
Biotech 2006
Life Sciences: A Changing Prescription
G. Steven Burrill, CEO
Burrill & Company
118
©2004 Burrill & Company. Confidential & Proprietary.