Peptech to deepen pipeline following Domantis sale

18 December 2006

Australian biopharmaceutical company Peptech says that it plans to expand its product pipeline and R&D capacity following divestiture of its stake in UK-based antibody therapeutics firm Domantis. The sale, which was to UK drug major GlaxoSmithKline (see page 3), earned the company A$178.0 million ($139.0 million), which it said will be used to fund clinical trials of its lead compound PN0621, an anti-tumor necrosis-based therapeutic, in the second quarter of 2007.

Additionally, Peptech said it would use a portion of the sale proceeds to support the full integration of the recently-purchased companies, Scancell and Promics. The firm added that it would also begin targeting late-stage biologic companies for potential acquisition.

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