ChemGenex Pharmaceuticals

The story of Australian biopharmaceutical company ChemGenex is a classic tale of focusing on a core mission. Founded in 1999, the company, led by CEO and Managing Director Dr. Greg Collier, dedicated itself to developing treatments for cancer. The company's main focus became its lead product candidate, Omapro (omacetaxine), a treatment for patients with chronic myeloid leukemia. ChemGenex initially had a broader scope, also looking into metabolic diseases like diabetes and obesity. However, in 2007, the company made a strategic decision to restructure, demerging its metabolic disease assets to concentrate its resources entirely on its late-stage oncology portfolio. This sharpened focus allowed the company to advance its key cancer treatments through the demanding clinical trial process. The pivotal moment in the ChemGenex playbook arrived in March 2011. After navigating the ups and downs of drug development, including a setback from the US FDA, the company received a takeover offer from the US-based biopharmaceutical firm, Cephalon. Cephalon, which already held a significant stake in the company, offered to acquire the remainder of ChemGenex for approximately $163 million, a deal valued at about $231 million in total. The board of ChemGenex unanimously supported the offer, which represented a major premium on its share price. The acquisition was completed, and ChemGenex was delisted in July 2011, marking the end of its journey as an independent entity.