It’s a fair bet that the Therapeutic Goods Administration is currently making like a duck. Although the regulator may present a calm front to the world, below the surface it is paddling like mad, preparing for a huge shift from life as a local regulator to that of a new trans-Tasman joint agency.

Despite rumours that Sirtex's Dr Bruce Gray is wanting to cash in his stake and sell out to established US pharma Cephalon, it appears he is still keen to steer his fledgling company towards a profitable future.