Frederick Frank, the former vice chairman of Lehman Brothers, says Big Biotech is dead once Genzyme is successfully purchased by Sanofi and the few companies left like BiogenIdec meet a similar fate. According to Frank, no one else will ever rise "to fill their shoes". The investment community is only interested in funding biotech through mid-level trials then they want to sell to earn their return. See Fierce Biotech.
"You are not going to see a lot of new Amgens or Genentechs," he said. Only DoDos.