Q. You are staking your own future on a genomics company, Sequana.

Human Genome Sciences has put in several, more than any other genomics company.

Most genomics companies are now trying to develop drugs, rather than just sell equipment or services to big drug companies.

And genomics companies might want to do thousands of such searches a day.

Still, several genomics companies are busy going public, with roughly a half-dozen more initial public offerings expected through this fall.

Merlin's only major holding in a genomics company is Incyte.

The genomics companies are where the greatest potential return is.

But no structural genomics company or laboratory will be able to do more than a small subset of all proteins.

So virtually every genomics company is now tripping over itself to become a drug company.

But that doesn't make it a genomics company.