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.
He also has seen two proposed acquisitions fall through. Thus the most significant event since his arrival arguably was last month's deal with AstraZeneca plc covering the discovery and development of antibodies for inflammatory indications. The next step for CAT is likely to be the acquisition of a company with marketed products.
Although CAT (LSE:CAT; CATG, Cambridge, U.K.) is up 19% this year, the company is still only valued at £241 million ($448 million), which is