Cambridge-based Astex Therapeutics, which has already secured alliances potentially worth $1 billion (£525m) with leading pharmaceutical companies, had been expected to pursue a market listing next year.
However, Leon Bushara, the chief executive who joined a few months ago from Serono, believes the firm needs more time to strengthen its management team.
At present, it lacks a finance director and Bushara wants to beef up Astex’s development and regulatory skills.
Astex’s search for new medicines starts with relatively small numbers of drug “fragments” of low molecular weight. It believes this approach gives it a better chance of understanding the biological interaction with the proteins that provide the targets for drug discovery. This in turn improves the prospects for eventual success.
The company’s most valuable collaboration is with Novartis, the Swiss pharmaceuticals giant that last December entered into a $520m deal for rights over two cancer-drug candidates in early stage trials.
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Britain’s Astra Zeneca is another important partner. The two companies are working to develop anti-cancer agents which, if successful, could generate £150m in milestone payments for Astex.
With other alliances with Schering and Boehringer Ingelheim, Bushara said Astex did not need further licensing deals before it floats.
He is keen to advance other projects that will allow the company to retain a larger share of future sales revenue.
Astex, which employs about 100 people, has around £11m in cash. Its research and other expenses are close to £18m a year.
Novartis and existing shareholders that include Abingworth, Apax and Advent International are expected to put up about half of the new money that Astex is seeking.