Peptech's six-month profits soar to $133M

Australian drugmaker Peptech has reported a record profit of A$137.7 million ($133.1 million) for the half year ending March 31, 2007, one of the largest profits made by an Australian-listed biotechnology company to date.

The firm's healthy results announcement follows on from its A$156.0 million acquisition of fellow Australia-based EvoGenix, a protein therapeutics company earlier this month (Marketletter May 8). Peptech noted that the merged company is poised to become a high profile player in the worldwide antibody and protein therapeutics sector.

During the period, the firm's revenue reached A$17.8 million, up 26% on the like, year-ago period. Peptech's A$137.7 million profit represents a massive 2,145% increase.