The sale of Seattle-area biotechnology firm Icos will likely result in the loss of many jobs. The question is whether the region will gain from the sale.
In the last five years, the leading firms in Seattle's biotech field have been swallowed by rivals, leaving just one such firm with a market worth of more than $1 billion. "If Icos had made it, it would have made us a center for the industry," Charles Hill, a University of Washington business professor and former Icos shareholder, told the Seattle Times. "It's a huge loss for the region, and a huge missed opportunity."
The current CEO of Icos said the $2.1 billion that Ely Lilly is paying for the smaller company is proof of its success. The fact that Icos, a startup in 1990, could be sold for that price proves that the region is a fertile place for biotech investments and should encourage more startups, he said.
It will be interesting to see if professionals from Icos, which employs 700, take their paychecks and start new businesses in the region.