George,
It's circumstantial evidence to be sure, but since Richard Lerner is at Scripps and is one of the founders of the phage technology acquired by alxn (and remains an adviser to the company), and the Scripps (Lerner)/Winters patents are at the core of many if not most phage licenses, then I think you could say one of the true "thought leaders" believes xoma's technology is essential for phage processes. Of course, we don't know if the alxn license is somehow conditioned on subsequent events, like litigation. The IP in phage is truly a bramblebush, based on the alxn license and Lerner's involvement, it looks to me like xoma has a ring-side seat.
If by 'market' you mean the total downstream therapeutic market for biologic pharmaceuticals and assays, then it is as big as it can be. The first fully human Mab approved for human use is likely to be phage derived (D2e7), and there are hundreds coming behind. How many different ways the money will be divided and what will be left as royalties for the enabling phage patent holders is unfathomable, and may be like what is left of the Colorado by the time it enters the Gulf of California.
Dyax claims to be at the headwaters of phage patents, and they may be, so if you want a comparable of "pure" license potential (it's not pure), it may be your answer for the value of a licensor. But like all the others, DYAX is going to have to do drugs to reach their finacial goals.
If you come up with a better answer I'd love to hear it! FWIW,
Wilder |
