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US biotech stocks show 25 per cent fall

US biotechnology stocks have had 25 per cent wiped off their value in the last fortnight as investors downscaled their expectations of the benefits of recent genomics advances.

The sequencing of the human genome last year led many to invest on the basis that the length of development time for drugs would be reduced. Experts now believe reductions in development time will be less impressive.

Like internet stocks, biotech companies are on high price to earnings ratios and are generally unlikely to be making large profits in the short term. Analysts expect some weaker biotech start-ups to fold.

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