When Ardana PLC was set up in July 2000 to commercialize work generated by the Medical Research Council (MRC)'s Human Reproductive Sciences Unit (HRSU) in Edinburgh (see "Ardana Bioscience Ltd.," START UP, December 2000 [A#2000900217]), it was always CEO and serial entrepreneur Simon G. Best's intention to turn the company as quickly as possible into a specialty pharmaceutical firm with marketed products. But the current environment, in which investors have little time—or money—for risky biotech plays that are still years from seeing any revenues, likely accelerated the process.
Paying €6.25 million ($6.1 million) upfront, with a further €21.75 million in potential milestones, to Zentaris AG, the biopharmaceutical division...