Peptech signs up Citigroup to handle suitors

About 10 different private equity and biotech companies have approached Australia's Peptech with a "broad range of strategic investment opportunities designed to unlock the inherent value in its business," says the company. And Peptech has brought in Citigroup to advise the company on how it should proceed. Peptech executives attracted a considerable amount of attention recently when they told shareholders that several private equity groups had made unsolicited approaches. Executives also haven't been shy about voicing their complaints over the lack of attention they feel Peptech has garnered in the Australian market. Peptech plans to get its anti-inflammatory drug PN0621 into the clinic later this year. The company is valued at about $310 million.

- read the report from The Australian on Peptech