Philogen foiled again in IPO fusion confusion
This article was originally published in Scrip
Executive Summary
Philogen pulled its planned initial public offering at the eleventh hour after Bayer Schering Pharma informed the Swiss-Italian biotech that it was terminating licensing and development contracts covering Darleukin, a fusion protein consisting of the human vascular targeting antibody L-19 and interleukin 2 (IL-2). The compound has completed Phase II testing to treat renal cell cancer. Philogen told Scrip that the decision to scrap the programme was unexpected.