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Strakan: Refining Search & Development

 
• By Melanie Senior

The low-risk specialty pharmaceuticals model has never been more fashionable, in part thanks to the success of one of Europe's in-licensing pioneers, Shire. Shire's founder Harry Stratford is now having another go with Strakan, but incorporating R&D far earlier in Strakan's evolution than has been the case at Shire, thereby attempting to address the thorny question of long-term sustainability-one that Shire and other more mature in-licensing firms are currently grappling with.

Low-risk—or at least low R&D risk--is still very fashionable, both in Europe and the US. Sinclair IS Pharma PLC 's £8.9 million ($16 million) IPO on London's Alternative Investment Market (AIM) in December 2003 was Europe's only health care flotation that year. [See Deal] Sinclair is as low-risk as they come, with no R&D, nor even its own marketing infrastructure. In the US, Pharmion Corp. 's IPO was the largest of only a handful of listings there during 2003; it, too, fits firmly within the specialty pharma model, in-licensing late-stage or marketed drugs to market to niche audiences. [See Deal]

The public has warmed to both; they've seen share price increases post-IPO of nearly 40%. Meanwhile, public success translates into...

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