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Eos Biotechnology Inc.

Division of PDL BioPharma Inc.

Latest From Eos Biotechnology Inc.

Enzon: The Perils of Profitability

Profitable but pipeline-poor Enzon tried to build a road back to R&D. But its value-oriented investors wouldn't support the spending ambitions, particularly as their royalty income declined. Enzon tried to merge with NPS, a pipeline-rich unprofitable company, hoping to transform its conservative shareholder base for one looking for biopharma-type home runs--but there too ran smack into the immovable force of investor inertia.

BioPharmaceutical Strategy

Who's Got Game in Antibody Development?

The handful of firms with established bioprocessing capabilities has dominating advantages in antibody drug development. Because process varies little from one antibody to another, they can wait for and quickly pounce on fast-follower opportunities, expanding production capacity in a modular fashion as demand requires--and in this way minimize target risk. Meanwhile, smaller companies, which cannot buy their way into the game nor compete in the more mature world of fast followers, are using their technology development expertise to come up with good drugs against novel targets in diseases where no antibody treatments currently exist, hoping that the novelty of the resulting products will give them the kind of leverage they haven't been able to get from platform dealmaking.

BioPharmaceutical Strategy

Medical Acquisitions: No Icebreaker in Sight

At the top of the industry, consolidation has frozen out much additional M&A; horizontal mergers among large companies have become much more difficult to get through regulatory authorities as the industries themselves have consolidated. In medical devices, M&A is at a 10-year low, reflecting a paucity of high-value small-company opportunities. Perhaps as important, some successful big-company development programs undermine a basic assumption of medical device investing: that big companies must source innovation from small ones, usually through acquisitions. Meanwhile In biotech, the number and value of M&A is down, despite the apparent logic of consolidation and the unprecedented willingness of sellers to accept low valuations. The key problem is that there are few buyers: those without extremely strong balance sheets aren't willing to take on additional burn rates, having seen some acquirers come to grief as their new, apparently stronger companies are unable to raise money in this bear market.

BioPharmaceutical Medical Device

The State of Investing in Antibody Technology

Since December 2001, only two privately held antibody firms have raised more than $15 million in a round of financing. Moreover, the older public companies founded on the promise of disruptive antibody development technologies, principally Abgenix and Medarex with fully human antibodies, and Human Genome Sciences with its antibody-driven genomics discovery science, have yet to validate those platforms through successful clinical product development. Even antibody humanization specialist Protein Design Labs, which has marketed antibody products from which it's getting royalties, is still selling for not much more than its cash value. Yet despite a fall-off in investments in this core area of biotech drug development, VCs still say antibodies will provide a range of successful new therapies.

BioPharmaceutical Strategy
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Company Information

  • Industry
  • Biotechnology
    • Drug Discovery Tools
      • Genomics-Proteomics
  • Pharmaceuticals
  • Therapeutic Areas
  • Cancer
  • Ophthalmic
  • Alias(es)
  • Ownership
  • Private
  • Headquarters
  • Worldwide
    • North America
      • USA
  • Parent & Subsidiaries
  • PDL BioPharma Inc.
  • Senior Management
  • John B Whelan, VP & CFO
    Robert F Williamson, Pres. & COO
  • Contact Info
  • Eos Biotechnology Inc.
    Phone: (650) 246-2300
    225A Gateway Blvd.
    South San Francisco, CA 94080