Consider the case of Cougar Biotechnology, a biopharmaceutical company that Rosenwald founded. Rosenwald identified a specialist health care company in the United Kingdom that had several “really interesting drugs,” Rosenwald said. One of the drugs was an oral medication to treat prostate cancer.
The health care company didn’t have the resources to fully develop the drug, so Cougar licensed it for $500,000. Johnson & Johnson later bought Cougar with the prostate cancer treatment for $1 billion. The drug is called Zytiga. It generates billions of dollars annually for Johnson & Johnson.
“Zytiga wouldn’t have gotten developed if we hadn’t bought it,” Rosenwald said. “You can do well by doing good.”
#FBIO, $FBIO, FBIO