Report: Canadian biotechs heading for "significant consolidation"

Ernst & Young, which reported on the U.S. biotechnology industry outlook earlier this week, also looked at the Canadian industry and said it expects "significant industry consolidation" to take place this year. The Canadian industry lags behind its U.S. counterparts because it is dominated by small, undercapitalized firms, which nevertheless posted a 21% gain in revenues in 2004 over the previous year.

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