Biotech

Today Mathieu and I model a life sciences portfolio that we may bid for Friday. The value of the thing is around €30MM give-or-take and we are trying to get it on the cheap - but value is in the eye of the owner. Biotech has been a terrible place to be an investor the last seven years and Europe can count on two hands its successful IPOs. M&A, while also limited, has been more robust. Nobody doubts Europe has its share of brains. What it lacks is a vibrant entrepreneurial attitude and one big public market like NASDAQ providing liquidity. The two of course go together: it is much easier to start a company if the road is riches.

Tomorrow I fly to Amsterdam to see several pension fund investors in The Hague.