Ebb & Flow

Although Celtic Pharma originally planned to raise $1 billion for its structured product development fund, the firm's faster than expected pace of deals has prompted it to reconsider and scale back its appetite for funds. The reason is that the firm wants to ward off any valuation issues that could arise between current investors and those who enter the fund after Celtic has added value to its acquired products.

Last week, Bermuda-based Celtic acquired exclusive worldwide rights to Xerecept from Neurobiological Technologies (NTII). The corticotropin-releasing factor is in Phase III testing to treat peritumoral brain edema. In Phase II trials, the compound showed dose-dependent neurological improvements. ...