This summer was rough for the biotechnology sector as concerns over sky-high valuations led to a series of stocks derating. Although it’s a far larger market in the US, the effect has been felt in London as several start-up drug developers found themselves at the mercy of short sellers. This was compounded by a pricing scandal across the Atlantic, as Hillary Clinton called out Turing Pharmaceuticals’ chief executive, Martin Shkreli, for raising the price of Daraprim - a decades old drug often used to treat the side effects of HIV - from $13.50 a dose to $750. The company has since promised to lower the price of the medicine, although it remains unclear whether it has followed through on this commitment.
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