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The Value Of Being Decisive On Strategic Needs – Through One Pharma CEO's Lens

 
• By Ashley Yeo

After a promising research program failed to deliver, London-listed Circassia changed from being an R&D-based allergy company to one focused on commercial respiratory therapies. Rapid decision-making averted a crisis and earned the company a US deal and equity partnership with AstraZeneca. As an exercise in Plan B readiness, it's surely up there with the best.

Steve Harris has probably told this story more times than is good for his health: about the day in June 2016 when he had to go to the market and announce the kind of decision that all CEOs dread. LSE-listed Circassia Pharmaceuticals PLC had been pressing ahead nicely with the beginnings of a platform of allergy products, had good data and positive anecdotal feedback. But Phase III study results of the initial product, a cat allergy immunotherapy, unexpectedly showed very marked placebo results. The study did not reach its primary endpoint, and investors had to be told.

The other part of Circassia's business, developing the proprietary NIOX POC FeNo platform for asthma monitoring, was progressing well, but...

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