IDM Pharma (Immuno-Designed Molecules )
Paris, France
Founded: 1993

Why we said: With a pipeline of five drug candidates in late-stage development, IDM Pharma earned our vote as the top pick in the cancer vaccine field. In 2003, IDM was at a turning point in its development and we were optimistic that the company would be successful.

What happened: IDM Pharma fared well up until an FDA rejection of its bone cancer drug Junovan in 2007, which sent its stock plunging. Sanofi-Aventis followed up with more bad news: the drugmaker pulled out of a partnership on another of IDM's lead programs. In early 2008, the company was forced to lay off 60 percent of its staff in Paris and Irvine, California, as well as cutback its research programs. Despite the setbacks, IDM did manage to snag an EMEA approval for Mepact (mifamurtide) as a bone cancer treatment.

Still, unable to sway investors, the company received a delisting notice from Nasdaq earlier this year. IDM was saved in the 11th hour by Japan's Takeda Pharmaceuticals, which acquired the developer in a deal worth $75 million. At $2.64 per share, Takeda's offer was a 65 percent premium over the company's trading price at the time.

View the original Fierce 15 of 2003 report.

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