Bird flu bonus for Biota

Published: 7-Dec-2006
Regulatory

The bird flu scare has provided a windfall for Australian biotech company Biota Holdings, of Melbourne. The company made a net loss of A$800,000 during the first quarter to September compared with a A$4m loss during the corresponding period last year.


The bird flu scare has provided a windfall for Australian biotech company Biota Holdings, of Melbourne. The company made a net loss of A$800,000 during the first quarter to September compared with a A$4m loss during the corresponding period last year.

According to ceo Peter Cook, the decision by the Federal Government to stock-pile Relenza was translating into sales for its licensee GlaxoSmithKline, and hence generating royalties for Biota. GSK expected to increase its capacity for the flu drug to 15 million courses during 2006.

Relenza has so far had a troubled history. Biota is suing GSK, claiming the world's biggest drug maker failed to employ its best efforts to market the drug, which originated as a common flu treatment. GSK is bitterly contesting the legal action and pre-trial costs incurred by Biota amounted to A$4.4m last year and that this would rise as the trial date of 1 April, 2008 approached.

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