Speakers at a recent Biotechnology Industry Organization (BIO) Investor Forum in San Francisco reportedly claimed that this year’s successes for biotech companies in the initial public offering (IPO) market represent a “boom” rather than a “bubble” and could be sustained in the long term. BIO Director of Industry Research and Programs Dave Thomas said that the market is now “getting back to where it should be” after several disappointing years and undervaluations. Others echoed his sentiment, noting that cash is flowing into global equity markets, contributing to a strong demand for growth sector IPOs in 2013. A spokesperson for Bay City Capital noted that the pharmaceutical industry is flush with cash and looking to acquire biotechs to spur their own growth. See Reuters, October 8, 2013.