DeCode is back in business
Reykjavik – Iceland’s deCODE Genetics, which Arch Venture Partners and Polaris Venture Partners lifted out of bankruptcy in January 2010, has been making a comeback of late. In mid-October, the genome analyser announced it had struck its first deal with the world’s largest drugmaker, Pfizer. The two companies will work together over the next 18 months to discover genetic variations linked to the immune system disease lupus erythematosus. The financial terms of the deal aren’t being disclosed, but deCODE founder and CEO Kari Stefansson says: “We are being well-compensated for doing the work.” Once a pioneer in genetic research that was listed on the NASDAQ, deCODE filed for bankruptcy protection in November 2009, burdened by debt after 13 years of failing to turn a profit. But it has fought back from the brink, returning as a private business in January 2010 after being acquired by a consortium of investors.