Generous valuations, early stage programs drawing VC attention, start-ups undaunted by an inhibiting economy, big pharma's bio-fixation, M&A activity's robust start and an FDA on a roll of approvals are some of the dynamics that have most – but not all – investors seeing the biotech market as a relative five-years-out investment haven, according to a panel at the BIO CEO & Investor Conference and also the results of a new BIO survey.