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By Caroline Jacobs and Noelle Mennella
PARIS, June 14 (Reuters) - The future for French biotechs looks bright and those with clinically proven products will likely be able to raise cash or float shares even as economic woes weigh on overall investor sentiment.
The possibility of luring investors stems from a growing need for drugs as the population ages and as an emerging middle class in fast-developing nations in Asia and Latin America can afford medicines, helping offset national budget cuts in Europe.
The sector has also become the lifebelt for pharmaceutical groups seeking ways to treat unmet medical needs in cancer or neurological ailments. A host of deals between biotech and big pharmaceutial groups, Sanofi-Aventis (SAN.PAR) in particular, have put the sector into the spotlight.
"Biotechs have huge potential because the health industry is growing worldwide and, whatever the economic cycle, new medication is necessary," said Philippe Pouletty, head of Truffle Capital's life sciences division.
Top executives from French biotech companies are due to attend a Reuters biotech forum this week to discuss issues affecting the industry and the outlook for the sector.
Industry body France Biotech says that biotech labs are developing half the innovative medicines worldwide. The United States, the world's biggest drug market, is at the forefront.
Provided biotech treatments in advanced clinical trials show a marked improvement for patients versus drugs now available, investors can be persuaded to put cash into the complex sector, French venture capitalists Sofinnova Partners, Truffle Capital and Bionest Partners consultants said.
Start-up biotechs' lifeline lies with big pharma, which has much more expertise than regular investors, says Antoine Papiernik, managing partner at Sofinnova.
Cellectis (ALCLS.PAR), Exonhit Therapeutics (ALEHT.PAR), NicOx (COX.PAR) and Innate Pharma (IPH.PAR) fetched 122 million euros ($149 million) in secondary offerings in 2009. Transgene (TNG.PAR) has announced plans to raise some 15O million euros.
This year, biotech IPOs have staged a cautious comeback in France, with three listings so far and one -- Carmat, which is developing an artificial human heart and comes from Truffle Capital's portfolio -- lined up for next month.
AB Science (AB.PAR) in April became France's first biotech IPO since mid-2008 but lagging interest led it to cut the range of its offer price. Truffle listed Deinove (ALDEI.PAR), which also had to dampen its ambitions, and Neovacs (ALNEV.PAR).
Truffle and Sofinnova each have two IPO candidates for this year or next. Although prices could be below the companies' true value, they consider that some cash to grow is better than running the risk of going under.
"Going public can grow these companies and whatever the valuation, it is a price worth paying," Papiernik said.
Sofinnova has sold Corevalve (MDT.N), Novexel (AZN.L) and Fovea (SAN.PAR), and listed Movetis. Years ago biotech Diatos did not make it because it failed to get its hands on much needed cash after delaying an IPO.
CRITICAL MASS
Product developments in France are advancing, albeit at a slow pace. It takes roughly 10 years to develop a product, with no guarantee of success.
NicOx's anti-inflammatory candidate naproxcinod, for instance, could flop after a U.S. health panel advised against its use. The final U.S. decision is due in July. (news)
"The French biotech sector is beginning to reach critical mass in terms of staff, research and development or revenues," Bionest managing partner Claude Allary said. "Progress is slow but the potential is there."
Figures from France Biotech show the number of products in clinical development rose 20 percent last year to 84, 10 of which were in final-stage Phase III clinical trials and with four awaiting marketing approval.
Natixis analyst Cedric Moreau said the market capitalisation of the biotech sector has grown tenfold in the last 10 years and represents a quarter of the pharma sector. (Reporting by Caroline Jacobs; Editing by Michael Shields) ($1=.8203 Euro)
Keywords: BIOTECH/FRANCE =
