Biovitrum: A New Flavor of Spin-Off
Pharmacia spin-off Biovitrum, like other biotechs born out of Big Pharma, has found favor with investors seeking experienced management and advanced programs. But Biovitrum's size, cash flow, and independence appear to make it more attractive still.
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Intendis: Mid-Sized Specialist Spawns Small Specialist
In dermatology offshoot Intendis, Schering AG has created the ideal European crossbreed: a group with the management experience associated with spin-outs, and a revenue-generating side more typical of specialty pharma. The snag: Schering's retaining full ownership--for now.
Bayer: Out of Trouble Come Opportunities
Bayer's respiratory diseases spin-out Aerovance shows how new opportunities are springing out of Europe's mid-sized firms, many of which are in transition.
Product Focus Takes Europe Back to Its Roots
More of Europe's VCs have found the product religion, abandoning platforms. Now they say they need two things to manage product risk: larger portfolios of drugs than most in-licensing companies can create and management teams which can both develop drugs and exercise commercial discipline in choosing programs to bring forward, alone or with a partner. Spin-outs, which provide both management and a relatively large group of projects, are increasingly the European start-up method of choice.