Notes re ENTA Annual Meeting:
* CEO Jay Luly impressive in person: very tall, serious, but responsive to questions.
* Met the general counsel--incorporated them 18 years ago--who commented the ENTA had suffered fewer recapitalizations than most biotechs because, as a research shop, they had been able to garner so much revenue through partnerships with big pharma.
* Of its 40 employees, half are research PhDs.
* One investor asked if Luly had any intention of being acquired in order to compete better as a larger company. Luly said it was unlikely, as they see their chief strength as being an exporter of intellectual property through their research strength. Expressed pride that the big pharmas typically approach them, and have put them in strong bargaining positions for their partnerships.
* When pressed, however, he did indicate that he could see them growing significantly, though they probably wouldn't make their own chemicals, etc.
* He estimated the HCV market at $10-$20b per year. He knows of other HCV development programs, including their own with Novartis, but expects that the ENTA/ABBV dominance, with GILD, to discourage others from entering.
* On the MRSA drug, said they'd invented the biocyclics category of antibiotic, and held all its intellectual property. That, when approved will be the only all oral drug, for a market which he estimates at $1b per year.
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