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STOCKWATCH: Will Roche be the last to know?

This article was originally published in Scrip

Executive Summary

In late 2000 when I was a fresh-faced investor just out of the anti-infectives group at SmithKline Beecham (SB), a colleague took me up to Manchester to see one of 3i's then private investments called NeuTec Pharma. During the meeting I had to point out that NeuTec's estimates for its lead product were 95% too high because they were mistakenly based on the largest instead of the smallest variant of the product that I had been managing at SB until a few months earlier. Imagine my surprise a few years later – after NeuTec's IPO and after 3i had divested its holding because NeuTec's products were all still un-partnered – when Novartis (which our fund owns) acquired NeuTec for $305m (, 09 June 2006).

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