Denmark's biotech industry ranks 3rd in Europe in terms of the numbers of drug candidates currently in preclinical and clinical development, according to a new report from Ernst & Young entitled "Beyond Borders – The Global Biotechnology Report". Great Britain tops the list, followed by Switzerland and Denmark. Benny Lynge Sørensen, head of Ernst & Young's Health Sciences group in Denmark comments:
"Over the last couple of years, Danish biotech companies have restructured their businesses with the result that several companies have both a technology platform and competencies to develop drugs. This combined business model means that Danish biotech companies will have the innovative power required to have multiple drug candidates in the pipeline."
Ernst & Young's report also shows that the European biotech sector is maturing. In 2005, 23 biotech companies became stock exchange listed in Europe, while the equivalent figure in the US was 13. In Denmark, TopoTarget was listed on Copenhagen Stock Exchange in 2005. Benny Lynge Sørensen forecasts more Danish companies will be stock exchange listed in the coming years:
"Around half of Danish biotech companies are focusing on drug development, which is what the institutional investors are demanding. In addition, the Danish biotech industry has never before had so many companies which both have products in late development stages as well as such a large number of drug candidates in their product portfolios. Two parameters which help reduce the risk profile of investments, and so make Danish companies more suitable for stock exchange listing than previously."
The news was reported by national daily newspaper Berlingske Tidende.