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Last year(2007) was the first year that the number of mergers acquisition (M&A) deals involving UK biotecn companies (biotechs) superceded the number of licensing deals. A hypothesis for this change in trend is that the value of the licensing deals has increased to a point where the net present value of these deals is valued higher than the value attributed to the targeted biotech by the acquirers.  Besides, desperation from the VC members of the board of the biotech requiring an exit  might further impede the growth of value within these high potenial biotechs. Under the current ecomic downturn and volatility in equity market, valuation of the UK biotechs may be suppressed to a point where to acquire could be a better financial option for the pharmaceutical companies(pharmas) than to license.

 

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