Profitability can be uncertain, however. Only one in six companies in the NASDAQ biotech index made money in 2020. The remaining five-sixths lost a combined $33bn
In the past year the biotech darling has become synonymous with the fight against covid-19. Its ingeniousvaccine has, like a similar one developed by Pfizer, an American drug giant, and BioNTech, a German startup, saved millions of lives. Moderna’s success has also brought attention to America’s biotechnology industry, a lot of it centred on Cambridge.
Cambridge is filled with cranes and new buildings, dull on the outside but bursting with exciting science within. In next-door Boston new laboratories are going up around the revamped Seaport. Prices for lab space reportedly reach $160 a square foot, perhaps the costliest commercial real estate in America not at street level.
The boom has several causes. Tim Haines, chairman of Abingworth, a London-based asset manager focused on life sciences, notes that many investors have been swept up in the notion of “philanthropic capitalism”: making money from products that could benefit society. Other reasons are more hard-headed.
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