A preda­tor's world? Top an­a­lyst sees the 'haves' and the 'haven't­s' di­verge as biotech bub­bles form — and col­lapse

Josh Schim­mer

We’ve all seen the del­uge of cash that’s been pour­ing in­to biotech from every an­gle: VCs, IPOs and fol­low-ons have gen­er­at­ed bil­lions in cap­i­tal for new and emerg­ing drug de­vel­op­ers with ready ac­cess to some pow­er­ful new tech. But Ever­core ISI’s Josh Schim­mer is ask­ing where we’re head­ed from here.

His an­swer is nei­ther apoc­a­lyp­tic nor uni­ver­sal­ly bliss­ful, but if he’s right — and this is a dis­cus­sion we’re hear­ing much, much more about at a time of grow­ing eco­nom­ic and in­dus­try un­cer­tain­ty — we may well be at a cross­roads that could af­fect val­u­a­tions, M&A and the en­tire glob­al in­dus­try that has formed over the past 5 years.

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