The fourth quarter of 2012 saw an uptick in BioMeter value, with an average BioMeter value of approximately $26.8 million for license and collaboration agreements announced during the quarter, led by an increase in BioMeter values for Phase 2 transactions and a single high-value transaction for an approved product. Transactions for Phase 2 and pre-clinical/discovery products dominated the quarter, representing roughly 46% and 42% of transactions with reported stage of development.
For the full year 2012, overall BioMeter values declined to approximately $21.2 million from approximately $43.7 million in 2011, returning to 2010 levels. Phase 2 deals saw an increase in both BioMeter value and relative frequency compared to 2011.
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About MoFo BioMeter
The MoFo BioMeter is an index that measures the health of the biotechnology industry. The BioMeter averages up-front payments in licensing, collaboration, and development agreements between biotechnology companies (broadly defined) and companies that pay for commercialization rights. We focus on up-front payments because they are the most concrete representation of the value of a development-stage asset, and also because in an era of constricted venture funding for unapproved therapeutics, up-front payments from collaboration agreements have become an increasingly necessary source of capital for companies to sustain their development efforts. The BioMeter also allows us to measure changes in the industry, or by sector, over time.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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