European biotech sees double-digit growth in 2006, says E&Y report

Strong product pipelines and product success, record-breaking financing totals, unprecedented deal activity and impressive financial results mark historic industry advances, according to Beyond Borders: Global Biotechnology Report 2007, consultant Ernst & Young's 21st annual report on the biotechnology industry.

Revenues of the world's publicly-traded biotechnology companies grew 14% in 2006, reaching $73.4 billion; the global biotechnology industry raised $27.9 billion, compared to $19.7 billion in 2005; venture capital reached $5.4 billion, an all-time high; and R&D spending was 31% higher at $5.2 billion.

William Powlett Smith, leader of E&Y's UK biotechnology team, said: "the strength of the industry, driven by the USA, is having a positive impact globally, particularly across Europe. Last year there was cautious optimism in the European biotech industry as the sector emerged from a prolonged period of restructuring. This year, double-digit revenue growth - supported by sustained success across pipeline, products and financing - prove Europe's biotech sector has bounced back."