Symphony attempted to re-create an off-P&L financing vehicle for biotech projects that would both pass the much tougher SEC scrutiny applied since the late 1990s and allow biotechs to avoid licensing away what could be important revenue generators. To do so, it had to create a fully independent corporate vehicle with the capacity-through an alliance with an equity-incentivized CRO--to manage its own development. But its first biotech partner, Guilford Pharmaceuticals, didn't feel Symphony had proven the financing could be completely off-P&L. Consolidating the expenses, Guilford sees the deal's value largely in the additional management resources, along with the funding, that Symphony provides a second-priority program. Symphony also has yet to prove it can make its investors money from these projects: in part because the value of late-stage programs has increased since the original off-P&L vehicles were created, Symphony could only get from Guilford a single compound, not a portfolio of projects with which to reduce its investment risk.
By Hazel Dawson
Most of Europe's—indeed the world's—M&A activity occurs from positions of weakness. Big Pharma mergers for example, including the recent Sanofi-Synthélabo/Aventis SA tie-up [See Deal], are often driven by...
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