We`ve seen this movie before. A biotech falls flat on its face, its flagship drug getting rejected by the FDA just in time for a financial crisis. Bob Duggan takes over in the middle of the crisis, pours money into the company, and sells it seven years later for $21 billion. This was the story of Pharmacyclics in late 2007. Xcytrin, an oncology drug, was rejected, but its second try, Imbruvica, was approved, and now sells $3.6B (page 31) annually for AbbVie (ABBV) and climbing. Pharmacyclics was a penny stock when Duggan took over, selling to AbbVie for over $260 a share. Rearview investing is a soul-sucking venture. Could`a should`a would`a, etceter`a. All we can do is learn from mistakes...
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