Transforming CAT

Peter Chambre was brought in as CEO at Cambridge Antibody Technology Group plc in March 2002 to build the company's pipeline and reach profitability in 2008. CAT's first big product development alliance may end up delivering on both counts, but the company has to work through the fallout of a late-stage product setback before being rewarded by investors.

When Chambre took over, the company considered that it was well into the second stage of its development: turning its phage display antibody technology from a service business into products. Over the past two years, he has restructured two major deals, cleaned up CAT's patent situation, and advanced three in-house compounds through the clinic...