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Pharmion Bets That Europe is Alright for Some

Pharmion is an in-licensing based company that has gone where a growing number of biotech companies fear to tread--to Europe. The firm is betting that the marketing infrastructure it has established there, plus regulatory expertise and willingness to take on some development work--even for products with dodgy or downright terrible pasts--will allow it to build a profitable business.

Most of the US biotech companies that went out in this fall's first wave of IPO seekers have seen their stock price drop, most well below the offering price. But the shares of Pharmion Corp. , which raised $78 million in November, were still trading at close to $14 as 2003 drew to a close [See Deal]. (See Exhibit 1.) Though one can never fully explain the market's behavior, it seems likely that investors are recognizing and rewarding Pharmion's rather unique ability to build a pipeline.

Pharmion is an in-licensing based company. Most such firms buy under-promoted products and try to make money through a more...

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