What Happened To Europe's Deal Boom?

U.S. investment banks bulked up on the Continent. Now there may not be such a bonanza

September was to be a grand month for MorphoSys, a Munich-based startup that clones human antibodies. Its founders planned to list 25% to 30% of the company on Germany's small-company stock exchange, the Neuer Markt. But those plans are now on hold following the August belly flop on the world's bourses. "There is too much turbulence in the markets right now," says CEO Simon E. Moroney.

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