发信人: Cathleen (盘 蛇 大 仙 ), 信区: Biology
标 题: Post Genome, Celera Now Shoots for Profits
发信站: The unknown SPACE (Sat Feb 10 00:14:56 2001), 转信

From Fortune Feb. 19 2001
By Brian O'Keefe
Technicians are working to find drug applications from Celera's database.
Brian O'Keefe
Last year Celera Genomics and its president, J. Craig Venter, shook up the s
cientific world by successfully sequencing the human genome faster than anyo
ne—even Venter—had predicted. But when the hype faded, investors were left
with one big question: How could Celera turn its accomplishment into financ
ial gain?
The answer wasn't immediately clear. Venter insisted that the company would
attract revenue through its existing business: selling genetic information t
o universities and pharmaceuticals companies. Not exactly a scheme for treme
ndous growth, especially given that other biotech firms had already announce
d plans to convert the new genome data into lucrative drugs. Celera was caug
ht off-guard by its own success—after racing to finish work on the genome,
it wasn't prepared to shift gears so quickly. As a result, the stock got ham
mered, falling 86% from its all-time high of $252 last February.
Now Celera has turned its focus to a logical new business: drug development.
The company's knowledge of the genome puts it in position to mine for clues
that can lead to new medicines or diagnostic tests. To exploit that advanta
ge, Celera has been hiring high-profile biologists and building a research l
ab to study proteins, the cellular agents that could hold the greatest promi
se for new pharmaceuticals. In January it announced a partnership with Compa
q and the Department of Energy to build a new supercomputer for analyzing bi
ological data. "Evidence is mounting that the company is going to be a major
player in drug discovery," says analyst James Reddoch of Banc of America Se
curities.
Although other biotech companies have a head start in creating drugs from ge
nomic data, Celera has two big advantages: superior technology and cash in t
he bank. Its genome success came in part from a new approach for sequencing
genes and in part from massive computers able to crunch through data at acce
lerated rates. Now Celera is focusing those same techniques on drug discover
y and protein analysis. And close relationships with sister company Applied
Biosystems and Compaq give Celera access to the most advanced machines avail
able.
The company can afford to be patient because of its decision last spring to
go out for a second round of financing while still at the top of the market.
That created a war chest of $1.1 billion in cash, giving Celera unusual fle
xibility in launching its drug program. "Our strong capital base will allow
us to take drug products further than biotech companies have traditionally b
een able to," says COO Peter Chambre.
That cash also gives Celera the ability to shop for acquisitions, plus lever
age at the bargaining table, a crucial advantage given that Celera isn't lik
ely to get drugs all the way to market on its own (an extremely expensive pr
oject, due to the cost of pushing a product through trials and then marketin
g it to the public). Rather its goal is to find "drug targets"—meaning isol
ated genes or proteins involved with a specific disease—and then either sel
l those targets to bigger drug companies for a cut of the profits or form pa
rtnership deals. Millennium Pharmaceuticals, for example, has a $465 million
drug-target deal with Bayer. Analyst Reddoch estimates that Celera could ha
ve a pipeline with as many as 100 targets by 2002.
Some institutional investors have been slow to warm to Celera despite its ne
w model. Many were burned by the stock on the way down last year, and others
are waiting for the company to show a profit, something analysts don't anti
cipate for three to four years. Celera is currently burning through $100 mil
lion a year. But its revenue numbers are clearly moving in the right directi
on: Sales should double this year, from $42.7 million in 2000, thanks to inc
reased demand for the database information.
That's why some observers, like Peter Wen of the Warburg Pincus Global Healt
h Sciences fund, now see Celera as a waking giant in the drug-discovery busi
ness. Wen sold Celera last year, but he bought back shares recently because
of his confidence in its plan and technology. "When you put smart scientists
together with lots of money, state-of-the-art computers, and the accumulate
d knowledge base, it makes me feel comfortable the value is there," he says.
"I don't think there are many companies out there that can match them."


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