"Frederick Frank, a vice-chairman of Lehman Brothers is convinced that there will be a slow but sure shakeout in the industry in the coming years. Up to half of today's 1,500 or so biotech firms (fewer than 400 of which are public) will disappear, aided by mergers."
Half? Only an investment banker whose job it is to stuff people into biotech IPOs would ever say such a stupid thing. Try 90% will disappear, and very few through successful merger.
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