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Author Archive: David Thomas, CFA
David is currently Director of Industry Research and Analysis at BIO in Washington, DC. In this role, he is responsible for financial statistics and analysis of the biotechnology sector and contributes to BIO’s policy activities as well as programming for BIO’s investor conferences. Prior to joining BIO, he was a research scientist at the J. Craig Venter Institute working on the “synthetic cell” team led by Nobel Laureate Hamilton Smith. Before his role in synthetic biology, David worked as a scientist in drug discovery at Amgen, Millennium, and Novartis. His scientific expertise is in protein engineering, enzymology, and synthetic biology. David has earned the Chartered Financial Analyst (CFA) designation and holds a master’s degree in biochemistry.
Latest Posts
1Q 2010 – All Time High for the BTK
The first quarter of 2010 saw the Amex Biotech Index (BTK) hit another all time high, thanks largely to Intermune’s (ITMN) jump of 240% and OSI’s (OSIP) gain of 92%. (Intermune received a positive recommendation from an FDA panel for pirfenidone, and OSI’s stock moved on the $3.5B hostile bid from Astellas.) The Nasdaq Biotech Index (NBI) climbed to its highest in over eight years. Both of these biotech indices are up since the financial Read More >
FOPO – A Late Stage Financing Tool
The follow-on public offering (FOPO) market has been strong for biotech since early last year, but has it been open to companies at all stages of drug R&D? It turns out that FOPOs have been utilized primarily by late-stage biotechs. I recently took a look at FOPOs listed in the Windhover Strategic Transactions database that took place from January 2009 to March 2010. Of the 46 drug development companies that raised over $25M in a Read More >
Is P/E Compression Making Biotech a Bargin?
For the first time in biotech history, price to earnings multiples (P/E based on next year’s projected EPS) for large cap biotechs dropped below the average P/E for the S&P 500 index. Is this a sign that biotech is cheap relative to the market or is it because earnings growth is shrinking, commanding a lower P/E ratio? If we look at end of quarter P/E ratios (price /next 12 months of earnings) for the largest biotech Read More >
Posts from the 9th Annual BIO Winhover & Pharmaceutical Strategic Outlook Conference (Feb 2010)
Did you miss a panel at the BIO Windhover/PSO Conference in New York? Here are links to my notes for five of the panels: NOTES FROM THE EXTERNALIZATION PANEL NOTES FROM THE OPTION DEALS PANEL NOTES FROM THE EARLY-STAGE DEALS PANEL NOTES FROM THE LATE-STAGE DEALS PANEL NOTES FROM THE REIMBURSEMENT PANEL
VC Fundraising Back to 2005 Levels
Is Venture Capital “holding up” for US biotech? Although there is a silver lining that venture capital fundraising for biotechnology outpaced other sectors in the US in 2009 and a number of new start-ups have been launched (see NVCA press release here), the multiyear trend is down. But by how much? I took a look at absolute numbers compiled by different sources to calculate where we are. The average is used because some sources include Read More >
