Deals were a key driver in Asia-Pacific, where companies formed partnerships to position themselves in an environment characterized by brisk growth, increasing competition, and sweeping regulatory changes. There was unprecedented consolidation among Japan's largest pharmaceutical companies, as well as noteworthy deals across the region.

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Dyadic International wouldn't have made the list the year before but did in 2005 after changing its focus.

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The global biotechnology industry's revenues are growing at strong rates, product approvals are bringing innovative drugs to market, and the long- elusive goal of profitability is quickly approaching.

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Since our first report 20 years ago, we've seen historic scientific advances and dramatic changes in market conditions combine to produce a rapidly maturing industry. Companies from around the globe are pioneering new technologies, platforms, industry segments, and business models.

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