CeNeS' Last Shot?
At first sight, CeNeS' decision to sell a guaranteed product revenue stream--the envy of most cash-strapped biotechs these days--may look odd. But in exchange, the UK biotech gets the lump sum it needs to take its own two late-stage products forward, and a chance, at least, of generating the sort of upside investors have bet on.
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Despite investors' pleas, most observers agree there are still far too many small, sub-critical biotech firms in Europe. Yet two late-2003 deals-CeNeS' acquisition of TheraSci, and Develogen's merger with Peptor-may point to more consolidation both in public and private European biotech during 2004. And the early signs are that such deals may be driven less by sheer desperation, and more by a recognition of what both public and private investors want.
Amdipharm was set up in April 2003 to find and market niche products in areas of real clinical need, considered too small-or unsexy-for larger players. Wholly-owned by UK-based distributor and wholesaler Waymade Healthcare, which started out as a chain of pharmacies, Amdipharm's management reckons that the group's experience across the drug distribution chain, particularly at the buyer's end, and its proven deal making prowess, will help it achieve its aim of becoming a successful European pharma company.
Biocortech was established in November 2001 to commercialize the fruits of the founders' research into the underlying causes of treatment-resistant forms of CNS diseases such as depression and schizophrenia. The company's aim is to develop effective therapies for these and other diseases associated with the pre-frontal cortex of the brain, such as bipolar disorder and cognitive and sexual disorders.