Spin once; spin again

It is not unusual for European biotech companies to do spinouts, generally to unwind dual therapeutics/service businesses. It is less common for a company to have a technology platform sufficiently productive to generate several potential businesses - and then the question is always whether those businesses should be kept under one roof to build a company with critical mass, or whether they are better off separate.

Intercell AG (VSE:ICLL, Vienna, Austria) has chosen the latter route, having now done a second spinout, Pelias Biomedical Development AG. Particularly in Europe, where follow-on offerings or PIPEs can be difficult to do, this strategy may make a lot of sense. ...