Communications activities for this initially obscure Norwegian biotech company covered a wide range of situations during our engagement.
Initial objectives were to develop the equity story and raise the company’s profile ahead of IPO in Oslo based on positive Phase 2 clinical results of its lead alpha-pharmaceutical (Xofigo, radium-223 dichloride) for treating metastatic prostate cancer.
Subsequent objectives were to position Xofigo for partnering, support the recruitment of patients in a Phase 3 registration study, develop awareness of the product’s market potential, build understanding and support in the financial community of the company’s value potential, prepare the market for clinical results and subsequent commercialisation activities, and contingency planning.
The Citigate team were also responsible for the majority of written communications – PRs, presentations, Q&As, quarterly and annual reports, etc.
Algeta is the quintessential biotech success story and testament to the range of communications skills and expertise that the Citigate team can deploy to cover every likely situation during a company’s life cycle. At each stage, the communications focus was on addressing different challenges and business risks. Planning for failure was as important as planning for success. As it was, the team was able to communicate Algeta’s success more than its failings, including a major partnering deal with Bayer, successful Phase 3 results, approval by the regulators in the US and Europe, product launch and the Company’s eventual acquisition by Bayer.
Algeta won the Scrip Award for Biotech of the Year in 2010 on the basis of it signing one of the largest partnering deals of the year in oncology with Bayer. Algeta also won Breakthrough of the Year at the European Mediscience Awards in 2012 following its successful Phase 3 results and progress towards launch.
Algeta was valued at NOK 775m ($125m) at IPO in early 2007 – it was acquired by Bayer for NOK 17.6Bn ($2.9Bn) in March 2014.
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David Dible, Senior Director
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