Mar. 18 at 10:01 PM
$BCYC Possibly the most amazing thing about this debacle though is that the Baker brothers have been caught up in it. The most elite and prestigious biotech hedge fund there is. They put
$600 million into this (mostly acquiring non-voting shares) just 2-3 years ago, and that stake is now worth less than
$150 million. And it's not like they simply got caught up in some unexpectedly negative coin-flip trial data; the BCYC data that has been shown over the last couple years has largely read out as expected. Zelenectide with efficacy comparable to Padcev and slightly better tolerability. BT-5528 with early evidence of efficacy. BT-7480 not doing much. Nothing particularly surprising. Rather, it has been the company's awful management of its time and money that has caused the evaporation of most of its market value. It's so surprising to see a company 43% owned by Baker Brothers Advisors so apparently incompetently run.
