The BIA report showed a total of 1.13 billion pounds ($1.47 billion) was raised by UK-based biotech companies in 2016, down from an all-time high of 1.88 billion pounds in 2015. Cash raised from initial public offerings (IPOs) was significantly lower at 105 million pounds, down from 307 million in 2015, and five out of the seven IPOs in 2016 happened before the EU referendum. Significantly, Britain and non-EU member Switzerland accounted for 1.065 billion pounds of biotech venture funding in 2016, against 860 million for the rest of Europe combined. Stricter immigration rules in Brexit Britain are a further headache for industry executives and investors, given biotechnology's reliance on global talent. ($1 = 0.7707 pounds)(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

Source: dna May 23, 2017 22:52 UTC