Market Wrap - Street Talk
Packer pops up behind drug company's capital raising
27 April 2007
Australian Financial Review
Further to refuted talk linking him to a Tabcorp bid, James Packer's Consolidated Press Holdings is thought to have sunk $10 million into Clinuvel Pharmaceuticals, who yesterday revealed it was aiming to raise $32 million in capital to fund phase III trials of its ultraviolet protection drug, CUV1647. As has been shown in the past, similar biotech stocks reaching this stage of development have attracted the attention of big drug companies and investors. CPH's private investment team has already had success with similar ventures in the gas and energy market, with the $7 million it invested into Energy World Corp last year increasing 10-fold.
packer buys in
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