GeneSoft: The Value of Compromised Products
This article was originally published in Start Up
Executive Summary
Following the FDA's rejection of Factive, GlaxoSmithKline gave it back to its Korean owner, LG Life Sciences Now the compromised--and newly approved--product is the basis for a start-up's spectacular return from a near-death experience--and the latest in a string of biotech successes based around products the previous owners had rejected.
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In October 2003, infectious diseases start-up Arrow Therapeutics' £21 million funding round from four new international VCs and five existing backers topped the ranks of UK biotech fundraisings. The round shows that investors value a broad pipeline, plus well-connected management able to balance focus with opportunism, more than a product in the clinic or a sexy new technology.
Amdipharm: From Pharmacist to Pharma Firm
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.