Europe Catches Biotech Fever

As startups report promising drugs, investors are pouring in

British Biotech doesn't have a product to sell, but its market capitalization has surged to nearly $3 billion--up 17% in just three days in late May. The latest flurry of excitement was sparked on May 21, when the Oxford-based company presented promising results from clinical trials of its anticancer compound Marimastat. Investors are wagering that British Biotech could produce the first blockbuster drug to come out of Europe's fledgling but fast-growing biotech industry.

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