Cambridge role in great first half for Sosei Group
Sosei Group Corporation of Japan, which includes Sosei Heptares in Cambridge, has made excellent progress with a number of partnered programmes, posted soaring revenues and turned major losses last time to a handsome net profit in the first half of 2019.
A net profit of $3.6 million compared to a $30.2m net loss this time last year on the back of strong business plan execution.
Revenue totalled $45.9m – up $29.5m on the prior corresponding period – thanks primarily to strong growth in milestones, plus royalty payments received. The company remains well capitalised, with $157m cash.
The group reports excellent progress with partnered programs with AstraZeneca, Pfizer and Novartis – all triggering progress-related milestones to Sosei Heptares.
It has spun out two new businesses and since period-end has secured two new multi-target collaborations initiated with major global partners – Genentech and Takeda – together bringing more than $50m in upfront and near-term milestone payments, with potential for significant future payments plus royalties.
Shinichi Tamura, chairman, president and CEO of Sosei Heptares, said: “We have made excellent progress in strengthening our business during the first half of 2019 and are well-positioned to capitalise on a number of strategic opportunities.”