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【技术产业】生物医药投资经典案例分析
生物医药投资充满生机活力和希望, 同时也面临风险不确定周期长等巨大风险.。 在以下篇幅中, 将向大家陆续推荐投资生物医药的一些高手和经典的案例。 供大家参考。
投资有风险, 入市需谨慎. 欢迎各位提供有趣的案例, 即使是失败的教训也是很值得回味的.
亿万富翁如何从生物技术投资中赚到大钱？
Biotechnology
How A Billionaire Clan Made Money In Biotech
Matthew Herper, 03.25.02, 10:30 AM ET
NEW YORK - When Thomas J. Pritzker wanted to invest some of his estimated $5 billion in net worth in a drug company, he didn't buy into hot, flashy science. Instead, he spent a smidge of the family fortune to found a company that specialized not in developing drugs, like most biotech firms, but in marketing them. Last week, that sales company, Reliant Pharmaceuticals, was bought by Cambridge, Mass.-based Alkermes for $934 million in stock.
Pritzker says that his group of investors had put a mere $150 million or so into Reliant. Now, they will own 31% of the combined company, which will be a marketing powerhouse with more than half of its over 1,300 employees in sales. Before the merger, Alkermes (nasdaq: ALKS - news - people ) had a market value of nearly $2 billion. Not bad.
"Still," Pritzker says, "no money has come back into the cigar box. What we will have is a bunch of Alkermes stock. We've done very well. We hit the ball out of the park. But we're in the middle of the race. When you're in the middle of the race, you don't look at the stopwatch and say that you're winning the race. You're doing just fine, but you didn't win the race."
As Pritzker tells it, Reliant Chief Executive Joe Krivulka came to him with an idea for building a pharmaceutical company from scratch. Compared with most biotechnology companies, the business plan was completely backward. Instead of focusing on some glitzy technology (see buzzwords like genomics and proteomics) it would start off selling drugs developed elsewhere.
"What we have in Reliant," says Pritzker, "is a group of people who own products that have cash flow. They're excellent in sales, marketing and the whole commercial side of pharmaceuticals." Liberty Corner, N.J.-based Reliant handles U.S. marketing for drugs developed by Novartis (nyse: NVS - news - people ) and Eli Lilly (nyse: LLY - news - people ), including cholesterol medicine Lescol and acid reflux treatment Axid. It even owns DynaCirc, a Novartis-developed blood pressure medication. That strategy brought annual sales of $277 million last year.
Alkermes brings to the table expertise in creating the systems that get drugs into the body at optimum levels--the traditional strength of specialty pharmaceutical companies like Alza, bought by Johnson & Johnson (nyse: JNJ - news - people ) last year for $11 billion. Like most companies, Alkermes has expert scientists, and it has several of its own drugs in development. But much of Alkermes' know-how is in refining and developing compounds and getting them through the clinic to pharmacy shelves.
"We're always hunting for blockbusters," says Alkermes Chief Executive Richard Pops. "But often companies make determinations of whether drugs are blockbusters or not early on. The history of the pharmaceutical industry is the history of companies being wrong."
Reliant's Krivulka wholeheartedly agrees: He points to Forest Labs (nyse: FRX - news - people ) and its blockbuster antidepressant Celexa, which usurped much of Prozac's market share. "Even with Forest Labs," Krivulka says, "they never expected Celexa to be the drug it became."
What the new company will lack is the kind of basic science in which most biotechnology companies specialize. But leads on new drugs have become a dime a dozen as biotechs have flooded drug companies with new chemicals that might work in theory. What is often missing is the expertise to develop those chemicals into products.
The Pritzkers might seem a surprising source of that know-how. "Our family is in a lot of businesses," says Tom Pritzker. His uncle, Robert Alan Pritzker, 75, is also a quintuple billionaire. The Pritzker clan's wealth came partly from the Hyatt and Royal Caribbean Cruise lines, businesses he says they built from the ground up. When the family decided to get into biotech five years ago, they started by founding a San Francisco-based merchant bank, Bay City Capital, which invests their money in life sciences companies and guides those companies as they grow.
With Reliant, at least, the results look promising.
http://www.forbes.com/2002/03/25/0325pritzker.html Reuters
Mini antibodies: biotech's next big thing?
09.12.08, 4:27 AM ET
United Kingdom - By Ben Hirschler, European Pharmaceuticals Correspondent
LONDON, Sept 12 (Reuters) - GlaxoSmithKline (nyse: GSK - news - people ) Plc's head of biotech research is excited about a new generation of "slimline" antibody medicines that may be successors to current blockbusters such as Avastin and Rituxan.
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作者:admin@医学,生命科学 2011-04-15 17:11
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