12:00 AM
 | 
Jan 09, 2006
 |  BioCentury  |  Strategy

Working through the checklist

Product development companies with fee-for-service business units have two choices: try to monetize them as a way to support the development business without distracting the rest of the company, or divest them. Santhera Pharmaceuticals AG has chosen the latter path via a management buyout. The newco will be focused, profitable and have fewer employees than its original incarnation, while Santhera also will have fewer employees, a lower burn and more focus as well.

Santhera (Liestal, Switzerland) was created in 2004 through the merger of Graffinity Pharmaceuticals AG (Heidelberg, Germany) and MyoContract AG (Liestal, Switzerland). Graffinity brought management, business development capability, small molecule drug discovery, medicinal chemistry, a metabolic diseases program focused on inhibition of dipeptidyl peptidase IV (DPP IV) and a sophisticated investor base.

It also had a screening business based on a small molecule fragment-based...

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