An increasing number of biotech companies are listing on the Swiss Exchange (SWX). As of the end of 2006, there were 137 biotech companies and 61 biotech suppliers in Switzerland. According to the Swiss State Secretariat for Economic Affairs, combined revenues of these companies reached CHF 6 billion ($4.99 billion) last year. Approximately one of every three initial public offerings in Switzerland is filed by a biotech company. Nearly one third of the SWX’s market capitalization, or approximately CHF 400 billion ($332.67 billion) comes from the life science industry. Firms are drawn to Switzerland for its skilled workforce, low corporate taxes—according to Ernst & Young, the average rate in 2006 was 21%—and its lack of regulation. Some bankers believe that more European companies will delist from other exchanges to move to the SWX.

Source: Financial News

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