MedWatch

CEO describes global biotech downswing as Category 5 hurricane

There’s no respite in sight as the global biotech industry prepares for stormy weather to last on the stock markets.

Photo: China Stringer Network/Reuters/Ritzau Scanpix

Biotech executives are bracing for more pain as global uncertainty hammers the already beaten-down industry.

The downturn in biotech started long before Russia invaded Ukraine and high inflation became a dinner-table conversation. In the biotech stock slide that accelerated last winter and that’s continued in recent weeks, few companies have been spared. That includes those that went public in 2021 – a record number – amid pandemic-induced euphoria in the sector.

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