In many ways, Mebiopharm's investment experience is illustrative of the challenges facing the bioventure sector as a whole in Japan, or indeed anywhere else. The need to secure sufficient funding and maintain momentum for lead pipeline projects will no doubt sound familiar to the management of any startup looking to commercialize new technology.

Of 34 deals in the psychiatric disorder space since 2008, none have been mergers and acquisitions, but two-thirds of such transactions have involved licensing of compounds before regulatory approval. The major deals in the space have been a multi-compound collaboration between Otsuka and Lundbeck and the failed tie-up between AstraZeneca and Targacept.

Attention deficit hyperactivity disorder (ADHD)

Date

Company

Partner

Deal terms

March 2009

GlaxoSmithKline

Shire

co-promotion of Shire's Vyvanse (lisdexamfetamine dimesylate) for the treatment of attention deficit hyperactivity disorder in the US

November 2008

GlaxoSmithKline

Paladin Labs

three-year contract giving Paladin exclusive distribution rights for GSK's Dexedrine (dextroamphetamine sulfate) for the treatment of ADHD and in the adjunctive treatment of narcolepsy, in Canada

Device companies large and small have failed repeatedly in efforts to address bifurcations, which remain one of the largest unmet opportunities in cardiology. Cappella thinks it can solve the problem with a device that's a new version of an old idea, reversing current protocol to treat the side branch first.