皮包公司也能成功研制新药
2012年4月14日
用虚拟公司研发新药,多快好省, 这几年很流行, 深得风险投资者喜爱. 笔者根据自己的亲身经历和收集许多成功案例,将与大家分享一些这方面的经验.并帮助国内有关部门及药厂老总, 投资者明白一个道理, 创新不在于有多大团队和完善的设备,价值来自好的模式和激励,皮包公司照样可以做新药,效果不比大公司查. 信不信由您.
注: 从今天起将陆续向大家介绍几起著名的皮包公司研制新药的案例, 供大家讨论, 为什么国外能成, 我们这么困难?
案例一 Stromedix公司
最近美国公司收购了波士顿一家名为Stromedix的生物技术公司,首付7500万美元,后续里程碑支付高达4.875亿美元.这家由风险投资公司支持的仅有6名雇员的虚拟公司,并没有实验室,也没有任何上市的产品,谈不上收入,更无利润可言,是一家典型的皮包公司,但就是这样的虚拟公司,凭借风险投资者的支持和非常精干的团队,非常有执行力的外包研发模式,使该公司在短短几年内用很少的资金和人力物力,将项目推进到证实该新药有希望成功的关键阶段,这就是小公司与大公司的差别. 也是为什么我们需要风险投资和创新企业文化和效率的关键之处. 该公司首席执行官Michael Gilman博士是Biogen公司前研发总裁.这家公司的主要产品还是Biogen那里转让来的,由于当时公司资金和人手不足,干脆打包给Stromedix去做苦力活,Stromedix只花了500万美元,包括首付200万美元获得该项目的所有权利.而后只花了五年时间,募集和投入3800万美元,把这个新药推进到临床II, 显示出较好的临床数据,由于该药是治疗特发性肺纤维化的新药,目前是市场最领先的孤儿药,有望在2015年上市.Biogen看好其前景,花高价将其买下.尽管Biogen可以从原先的卖出该项目的合约中抵扣部分费用,但与这次买回该产品(和该公司)的交易额相比,价格相差巨大.Biogen还是认为值.因为它做不到这点:用这么点钱,这么短时间能验证该产品可行,只有靠小公司的创新与拼搏才能实现.
Biogen Idec Lets Stromedix Do the Hard Part
Stromedix’ Exit to Drug’s Source Shows Why We Need VC More Than Ever
by Steve Dickman, CEO, CBT Advisors
February 14, 2012
For anyone wondering about the value that can be added by entrepreneurs and venture capitalists to the drug discovery and development process, look no further than Stromedix. This venture-backed company in Cambridge, MA, was acquired today by Biogen Idec for $75 million up-front and up to $487.5 million based on the achievement of certain development and approval milestones. The driver for the acquisition is a monoclonal antibody known as STX-100, about to enter Phase 2 in the tough indication of idiopathic pulmonary fibrosis (IPF), a nearly always fatal disease characterized by lung scarring. STX-100 is one of several early entrants in the race to apply modern biologic therapies to fibrosis and its challenging biology.
Now let’s consider the value-add. First the return. As of early 2011, Stromedix had raised $29.4 million plus at least an additional $5M in debt financing in September, 2011, most of which has likely not been drawn down. (Stromedix investor Bruce Booth of Atlas Venture states in his blog post that the total cash in, including the debt facility, was $38 million). That makes the up-front price worth about 2X to the Stromedix investment syndicate, which includes NLV Partners, Bessemer Venture Partners, Red Abbey Venture Partners and Frazier Healthcare Ventures as well as Atlas Venture. Considering that most of this capital did not flow in until the 2008 Series B round, that’s not a bad internal rate of return (IRR) for the investors. If STX-100 hits any milestones at all, that return will rise, of course, possibly to an impressive 5X or even, in the unlikely event that all milestones are achieved, 19X. For the venture investors, the combination of certainty of the initial exit and possible upside later – with no more board meetings to attend! – makes this deal a sweet one.
But the deal becomes even more impressive – and instructive – when one considers that the asset STX-100, which comprises essentially the full value of Stromedix, was in-licensed from Biogen Idec back in 2007 for a price that I’ve heard was less than $5 million and perhaps even less than $2 million up front. This would fit with the company’s financing history. Before the 2008 $25 million Series B round, less than $5 million had been raised, some of which went to pay salaries, rent and development costs. So not much of this could have paid for the asset. One assumes that Biogen Idec had some milestones and royalties coming to it from the initial licensing deal and that these were negotiated away as part of the sale transaction. But the fact remains: Biogen Idec gave up the asset for a very low price and is buying it back for a much higher one. Why?
为什么戏称虚拟公司是皮包公司? 因为整个公司主要有几个皮包和电脑就能搬走. 当初把PolaRx卖掉时, 只有几个员工, 还有几箱从中国定制的PoLaR小北极 Bear 小熊玩具作为公司形象Logo的小礼品. 赠送给血液科医生用的, 现在已经变得非法礼品了
版主zhulikou431留言:
多谢王老师教诲。
这些公司其实不是皮包公司，属于资本技术密集型公司，而且把资金投入到增值最快的方面，而不是买地建厂房固化起来，导致流动资金缺乏。
Trisenox的国外开发过程, PolaRx Biopharma, Inc. 一家成功运作的虚拟研发公司的资本化案例. 12 1 2 3 4 5 6 下一页 尾页
2012年4月14日
用虚拟公司研发新药,多快好省, 这几年很流行, 深得风险投资者喜爱. 笔者根据自己的亲身经历和收集许多成功案例,将与大家分享一些这方面的经验.并帮助国内有关部门及药厂老总, 投资者明白一个道理, 创新不在于有多大团队和完善的设备,价值来自好的模式和激励,皮包公司照样可以做新药,效果不比大公司查. 信不信由您.
注: 从今天起将陆续向大家介绍几起著名的皮包公司研制新药的案例, 供大家讨论, 为什么国外能成, 我们这么困难?
案例一 Stromedix公司
最近美国公司收购了波士顿一家名为Stromedix的生物技术公司,首付7500万美元,后续里程碑支付高达4.875亿美元.这家由风险投资公司支持的仅有6名雇员的虚拟公司,并没有实验室,也没有任何上市的产品,谈不上收入,更无利润可言,是一家典型的皮包公司,但就是这样的虚拟公司,凭借风险投资者的支持和非常精干的团队,非常有执行力的外包研发模式,使该公司在短短几年内用很少的资金和人力物力,将项目推进到证实该新药有希望成功的关键阶段,这就是小公司与大公司的差别. 也是为什么我们需要风险投资和创新企业文化和效率的关键之处. 该公司首席执行官Michael Gilman博士是Biogen公司前研发总裁.这家公司的主要产品还是Biogen那里转让来的,由于当时公司资金和人手不足,干脆打包给Stromedix去做苦力活,Stromedix只花了500万美元,包括首付200万美元获得该项目的所有权利.而后只花了五年时间,募集和投入3800万美元,把这个新药推进到临床II, 显示出较好的临床数据,由于该药是治疗特发性肺纤维化的新药,目前是市场最领先的孤儿药,有望在2015年上市.Biogen看好其前景,花高价将其买下.尽管Biogen可以从原先的卖出该项目的合约中抵扣部分费用,但与这次买回该产品(和该公司)的交易额相比,价格相差巨大.Biogen还是认为值.因为它做不到这点:用这么点钱,这么短时间能验证该产品可行,只有靠小公司的创新与拼搏才能实现.
Biogen Idec Lets Stromedix Do the Hard Part
Stromedix’ Exit to Drug’s Source Shows Why We Need VC More Than Ever
by Steve Dickman, CEO, CBT Advisors
February 14, 2012
For anyone wondering about the value that can be added by entrepreneurs and venture capitalists to the drug discovery and development process, look no further than Stromedix. This venture-backed company in Cambridge, MA, was acquired today by Biogen Idec for $75 million up-front and up to $487.5 million based on the achievement of certain development and approval milestones. The driver for the acquisition is a monoclonal antibody known as STX-100, about to enter Phase 2 in the tough indication of idiopathic pulmonary fibrosis (IPF), a nearly always fatal disease characterized by lung scarring. STX-100 is one of several early entrants in the race to apply modern biologic therapies to fibrosis and its challenging biology.
Now let’s consider the value-add. First the return. As of early 2011, Stromedix had raised $29.4 million plus at least an additional $5M in debt financing in September, 2011, most of which has likely not been drawn down. (Stromedix investor Bruce Booth of Atlas Venture states in his blog post that the total cash in, including the debt facility, was $38 million). That makes the up-front price worth about 2X to the Stromedix investment syndicate, which includes NLV Partners, Bessemer Venture Partners, Red Abbey Venture Partners and Frazier Healthcare Ventures as well as Atlas Venture. Considering that most of this capital did not flow in until the 2008 Series B round, that’s not a bad internal rate of return (IRR) for the investors. If STX-100 hits any milestones at all, that return will rise, of course, possibly to an impressive 5X or even, in the unlikely event that all milestones are achieved, 19X. For the venture investors, the combination of certainty of the initial exit and possible upside later – with no more board meetings to attend! – makes this deal a sweet one.
But the deal becomes even more impressive – and instructive – when one considers that the asset STX-100, which comprises essentially the full value of Stromedix, was in-licensed from Biogen Idec back in 2007 for a price that I’ve heard was less than $5 million and perhaps even less than $2 million up front. This would fit with the company’s financing history. Before the 2008 $25 million Series B round, less than $5 million had been raised, some of which went to pay salaries, rent and development costs. So not much of this could have paid for the asset. One assumes that Biogen Idec had some milestones and royalties coming to it from the initial licensing deal and that these were negotiated away as part of the sale transaction. But the fact remains: Biogen Idec gave up the asset for a very low price and is buying it back for a much higher one. Why?
为什么戏称虚拟公司是皮包公司? 因为整个公司主要有几个皮包和电脑就能搬走. 当初把PolaRx卖掉时, 只有几个员工, 还有几箱从中国定制的PoLaR小北极 Bear 小熊玩具作为公司形象Logo的小礼品. 赠送给血液科医生用的, 现在已经变得非法礼品了
版主zhulikou431留言:
多谢王老师教诲。
这些公司其实不是皮包公司，属于资本技术密集型公司，而且把资金投入到增值最快的方面，而不是买地建厂房固化起来，导致流动资金缺乏。
Trisenox的国外开发过程, PolaRx Biopharma, Inc. 一家成功运作的虚拟研发公司的资本化案例. 12 1 2 3 4 5 6 下一页 尾页