The law firm Morrison Foerster posted its quarterly BioMeter update this week. The BioMeter is a sort of index of biopartnering transactions in the biotech industry. The good news for the innovation climate in California is that the Bay Area and San Diego rated first and fourth for 2013, ahead of Seattle, Boston, the UK, Switzerland and other hot spots.
Stephen Thau, life sciences partner at MoFo, told this blog: "Not surprising to see the Bay Area in the lead when it comes to deals with innovative biotech products. What was more interesting to see was the strength in mid-Atlantic and NY/NJ. It'll be interesting to see how these trends play out over time."
Rachel King, President & CEO of GlycoMimetics and currently chair of the Biotechnology Industry Organization, reflected, "I'm very happy to see the innovation of the mid-Atlantic region reflected in these numbers. We have a strong biotechnology community that cuts across the private and the pubic sectors. The fact that so many of the licensors in 2013 came from the mid-Atlantic shows that investments in our community are delivering real innovation."
"On any biotech spectrum, anytime you tie with San Diego, it's pretty cool," said BioNJ President and CEO Debbie Hart. "The steady growth of the biotech sector in New Jersey over the past 20 years bolstered by the presence of the traditional Big Pharma industry continues to put the region in a strong position nationally and internationally."
"Maryland's leadership and innovation in biotech has produced new investment opportunities, breakthrough products, job opportunities and an increased focus on STEM education in the state," says Phil Schiff, CEO of the Tech Council of Maryland. "It's great news, but not surprising to see this spike of new deals in the region."
The transaction trend reflects maturing products and pipelines, and a welcome influx of capital at a time when access to many other forms of risk capital have tightened. The fact that so many regions of innovation are performing at this high level bodes well for the industry on the whole.