PeptiDream's Peptide Discovery Platform System (PDPS) enables incorporation of modified unnatural amino acids into mRNA display peptide libraries. The company said one of the motivations for an IPO was concern over a potential takeout by one of the company's partners; PeptiDream has active target discovery deals with a number of companies, including Novartis AG (NYSE:NVS; SIX:NOVN), Ipsen Group (Euronext:IPN; Pink:IPSEY), the MedImmune LLC unit of AstraZeneca plc (LSE:AZN; NYSE:AZN) and Amgen Inc. (NASDAQ:AMGN) (see BioCentury, May 20).
http://www.biocentury.com/dailynews/financial/2013-06-03/peptidream-raises-524m-in-japanese-ipo
Hi Wayne,
Remember Peptidream is a real competitor in the peptide field, but also synergistic with Phylogica. Peptidream's expertise is in small macrocyclic peptides. Phylogica are looking to add large macrocyclic peptides to their libraries (refer to the Edison Report). wouldn't be surprised if the company are in discussions with the team at Peptidream. Peptidream is valued at 30x Phylogica!
If you recall I also mentioned that they are not much different to Phylogica in staff numbers, deal sizes and stage of development. Peptidream's revenue is higher than Phylogica's, about $10m. I imagine their deals are a little larger or more mature.
Even as the company stands, the valuation discrepancy is obvious. The CPP/Endosomal Escape capabilities will dramatically add value to Phylogica's platform. Once again, it's just another example of just how cheap Phylogica's IP is currently valued. No doubt Phylogica will use the Peptidream valuation as a peer. Introducing Griffin :-)
Tony
PeptiDream raises $52.4M in Japanese IPO
Published on Monday, June 3, 2013PeptiDream Inc. (Tokyo, Japan) raised Y5.3 billion ($52.4 million) through the sale of 2.1 million shares at Y2,500 in an IPO on the Tokyo Stock Exchange's market of the high-growth and emerging stocks (Mothers). The share figure includes the sale of 405,000 shares in an overallotment. The company's founders are selling an additional 1 million shares in the IPO. The Y2,500 price, which is the upper end of PeptiDream's proposed Y1,920-Y2,500 range, values the company at Y33.1 billion ($329.7 million). Mizuho is lead underwriter. The shares are slated to start trading June 11.
