October 20, 2006 |
A Monrovia-based start-up on Thursday became the latest participant in a biotech consolidation wave that is seeing bigger players investing in or buying smaller companies. And much of that activity is in California, where the biomedical industry has become one of the state's fastest-growing industries, according to a report released Thursday. The trend is driven by bigger companies needing to keep their drug development pipelines filled with new products. That logic made Xencor Inc.