Thursday, June 2, 2005
Southern California Ranks High On Biotech Report
Ernst & Young has released a study that shows that LA is ranked 7th, and San Diego is ranked 3rd in the biotech industry. The Annual Global Biotechnology Report found that San Diego was third behind New England and the San Francisco Bay Area in concentration of public biotech companies, bringing in $1.9B in revenues in 2004. San Diego has 31 public and 73 private biotech companies, with Los Angeles having 13 public and 63 private biotech firms. Los Angeles had $86.8B in market capitalization for biotech, however $81B was solely from biotech giant Amgen. The report also said that there was a record breaking $3.6B in venture capital raised for biotech firms in the United States in 2004.