Readers will know that our awesome government-linked investment companies (GLICs) are a mainstay here.
It’s not that I love writing about them.
Contrary to popular belief, I don’t wake up to wall of GLICs/GLCs, throw a dart to see where it lands, and then use that as a newsletter starting point.
There are days where I want to write about my top ten favourite nasi lemak stalls.
Or why the great abbreviation BLR (banana leaf rice) has turned so blergh.
But GLICs, GLCs and Big Brother are just gifts that keep on giving.
Someone did say, “the government is helping you write the stories”. I can’t disagree.
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In December 2017, Xeraya Capital led a €9 million (RM45 million) Series B2 funding round into Allecra Therapeutics.
The French biopharmaceutical company developed a novel combination antibiotic, Exblifep, designed to combat drug-resistant urinary tract infections.
Xeraya, the specialist life sciences venture capital arm of Khazanah Nasional, secured a seat on the board and took a hands-on role in steering the company’s clinical development and global market entry strategy.
The investment initially appeared to be a success when the US Food and Drug Administration approved Exblifep in February 2024.
This was to be a milestone for Xeraya, showcasing how its long-term financial backing and active stewardship had successfully ushered a life-saving therapy onto the global stage.
Triumph, however, was short-lived.
A year later, Allecra collapsed under the weight of commercialisation costs and filed for bankruptcy.
A French insolvency court accepted a binding asset bid in July last year, which was finalised on October 29.
Exblifep’s global intellectual property and commercial contracts were transferred to Indian generics manufacturer Orchid Pharma for a fraction of its development cost.