Seattle's biotech industry has long been marked -- some might say marred -- by big acquisitions. It happened to Icos. It happened to Immunex. And it happened again today when ZymoGenetics -- the 29-year-old granddaddy of Seattle biotech -- entered into an agreement to be sold to Bristol-Myers Squibb for $885 million. The deal appears to be a good one for shareholders, with the stock jumping 85 percent in after hours trading to $9.80.

But will it be good for the region? And what does it mean for Seattle's attempts to become a world-class biotech center?

The Zymo deal -- along with the numerous biotech acquisitions that came before it -- signals an ongoing challenge facing the biotech industry in the region. In the aftermath of the deal, the community will be left wondering once again: Why are Seattle biotech companies always the ones getting acquired rather than the other way around?

Granted, it is not the worst problem to have. After all, acquisitions can inject money into the region, providing liquidity to employees and shareholders. It also means that researchers are creating drugs that are attractive to big pharmaceutical companies. In some cases, but certainly not all, the acquisitions also lead to new research operations in the region. (See Amgen's buyout of Immunex as an example).

"These things are always a mixed blessing, but I lean toward the good outweighing the bad," said Robert Nelsen, a partner at Arch Venture Partners in Seattle. "They inject capital, create wealth and liquidity, and the creative destruction will spawn more companies. The downside is we lose a major force and probably some jobs in the short-term. It happens in every major biotech center, and when one falls, another, like Dendreon, rises up."

Carl Weissman, a managing director at OVP Venture Partners in Kirkland, added that it is a "fantastic positive" that big pharma and big biotech companies continue to scour Seattle for talent and cutting-edge research.

"I know that many in and around the biotech industry in Seattle bemoan these events, but to me it is a periodic reminder of the fantastic science and entrepreneurs in this community that are building great companies and products that are attractive enough to merit acquisition," he said. "Today’s announcement of the BMS acquisition of Zymo is at an 84 percent premium to the current price! Remember, nature abhors a vacuum – other innovative and entrepreneurial biotech companies will spring up and grow in Seattle."

Nonetheless, despite those positive comments from leaders in the local venture capital community, Seattle's biotech industry has encountered numerous fits and starts over the past two decades. And one of the reasons for this is the lack of a global brand -- an anchor tenant -- which has grown and prospered here over the years. [Previously on TechFlash: Setbacks threaten Seattle's biotech industry dreams]

The reason why Seattle has established a reputation as a hub for software development is because Microsoft is based here. The same goes for e-commerce -- with anchors in Amazon.com and Expedia. Those companies import smart people -- either through traditional hiring or acquisitions. And they continue to grow and grow and grow.

But look around the region, and try to name the biotech firm that defines this area. It's a tough prospect.

The Seattle area has long attempted to establish itself as a world-class biotech center. And there certainly are things working in the region's favor -- the Fred Hutchinson Cancer Research Center, the University of Washington, The Bill & Melinda Gates Foundation and, as Nelsen suggests, Dendreon. (Dendreon's Provenge prostate cancer treatment was approved earlier this year sending the stock sky high. The company's market value now stands at $5.79 billion, by far the biggest biotech company in Seattle).

But until a top-tier brand emerges from our region -- a giant that draws talent, money and attention -- one has to wonder if the Seattle area will simply continue to play ball in the biotech minor leagues.