I wonder what the Chairman had in mind when he said that the next 12 months promised to be a transformational period. Given that the collaboration with Janssen contains an option to develop 'a further ten drug candidates' its entirely possible that Wilson was contemplating the terms of the Roche-Aileron deal in 2010.
The Roche-Aileron deal against five intracellular targets included the payment of $25m in access fees with up to $1.1B in milestones. Linking the deals requires a little tongue in cheek, however, Woolf was insisting during late 2011 that the next deal should lead to a re-rating.
Cynics would point to the share price while rolling around the floor, laughing derisively. A re-rating has occurred, however, in the risk profile of the company. Its not at all disingenuous to point out that a share overhang appears to have capped investor enthusiasm for bidding up the price.
Interestingly, the Phylogica-Jannsen collaboration involves identifying cell penetrating peptides i.e. intracellular targets. Roche would be particularly interested in the terms of the deal. No wonder in the small world of the giant pharmaceutical industry so much information is strictly confidential.
PYC Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
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