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.
By Roger Longman
It is the business-case equivalent of the dog that didn't bark.
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Patient advocacy organizations are transforming gene therapy development by funding research, de-risking programs and driving ultra-rare disease treatments from concept to clinic at unprecedented speed.
