Here Come Europe's Biotech Brides

Their R&D is luring more big drugmakers into alliances

Peter Fellner, chief executive of Britain's Celltech PLC, knows too well that size matters in the cash-burning biotech business. "To overcome all the hurdles in drug discovery and development, attract investor attention, and generate sustainable profitability, you need critical mass," says the soft-spoken 55-year-old scientist. So on June 15, Celltech acquired British rival Chiroscience Group PLC, creating a company worth $1.1 billion--the largest biotech deal ever in Europe. Shares of both companies have since jumped more than 6%.

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