California biomedical industry report
This article was originally published in The Gray Sheet
Executive Summary
Survey of biomedical companies by the California Healthcare Institute and PricewaterhouseCoopers finds that 78% of respondents believe mergers and acquisitions will increase in the state over the next two years. Meanwhile, 40% of participants thought the number of initial public offerings will increase, and 40% thought the IPO level would remain the same. In addition, only 24% said they believe access to capital will increase, signaling that "funding on the VC [venture capital] level will continue to be challenging," PwC Life Sciences Industry Partner Tracy Lefteroff said during a Feb. 2 conference call on the California Biomedical Industry Report 2010. CHI and PwC surveyed 200 medical device, pharmaceutical and biotech companies about industry challenges, staffing trends and state and federal issues in November 2009