December 11, 2008 at 12:15 PM EST
Biotechs Ask Congress for Bailout
In Wednesday's New York Times my friend Andy Pollack reported on the Biotech Industry Organization’s (or BIO's) effort to secure bailout dollars for the biotech community. It’s an interesting proposal but one that will add to the federal budget deficit.BIO proposes to allow development-stage companies (not just biotechs though they’re the focus of this article) who generate significant losses to obtain federal cash for those losses in exchange for the future right to write those losses off against profits. Essentially firms could sell to the government a future on taxes against forward profits. This is an interesting proposal insofar as ...
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