Big Four firm Ernst & Young has predicted a year of mergers and
acquisitions in the global biotechnology sector in 2006 pushing it towards the
$60bn (£34bn) mark.
The report, published yesterday, said the M&A activity would continue a
trend that began last year, when large pharmaceutical companies significantly
increased acquisitions in the biotech sector.
‘We will probably see fewer IPOs and more big pharmaceutical M&As
(pharmas buying into the biotech sector),’ said William Powlett Smith, head of
Ernst & Young’s UK biotech team.
US drug companies have also repatriated more than $50bn in cash from overseas
earnings, and have significant cash to invest, E&Y said.
Last year, there were a record 23 initial public offerings of biotech
companies in Europe, compared with 13 in the US, taking the number of public
companies to 122.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.