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Picking up the wallflower assets

Coley Pharmaceutical Group entered the public space in August 2005 with a valuation of almost $400 million based mostly on expectations for CpG 7909, a Phase III cancer compound partnered with Pfizer Inc. that had good Phase II data. But following the failure of the Phase III program in June this year, COLY found itself valued at $91.7 million, which the company believed completely overlooked its vaccine adjuvant

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