Peter Colman determined the three-dimensional structure of the influenza virus antigen neuraminidase and saw the possibility of fashioning new drugs for influenza based on that knowledge.

He was instrumental in the establishment of Biota Holdings Ltd which had a license from CSIRO to exploit his ideas. He was a member of the Board of Directors of Biota from 1985 to 1991 and guided their scientific program throughout that period which included the discovery of the drug candidate GG167 now in clinical trials.

He has also made major contributions to knowledge of antibody-virus interactions at the atomic scale.