The majority of chief executives I have met while researching this article have chuckled when I told them I am attempting to value biotechnology companies. It’s a fair response – trying to put a tangible value on a company whose products are often barely more than an idea (and a complicated idea at that) is certainly not a simple process. And it is perhaps for this reason that biotech companies in the UK – more conservative and risk-averse than the US – have, so far, failed to gain any real traction.
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