Since the US anthrax attacks of 2001, the number of pharmaceutical deals relating to biodefence has increased dramatically. Biodefence research is very much in its infancy and, as such, the growth of this fledgling industry is being financed and driven by the US Government rather than the large pharmas. This article looks at some of the interesting features of the biodefence field that make it unique from traditional disease research and examines some of the companies that have benefited from the fear generated by the threat of bioterrorism.