The BioIndustry Association (BIA), representative organisation for some 200 biotech companies, is to publish its own code of conduct. The draft code, scrutinised last week by the UK Science and Technology Committee, covers a range of issues, such as the appointment of non-executive directors, the release of information in a timely fashion and the seeking of advice from outside experts.
The draft, which is due to be approved later in the year, has been drawn up partly in response to the trouble surrounding British Biotech. Meanwhile, British Biotech, under the new chief executive, Elliot Goldstein, is now in the process of recovering its credibility and its market capitalisation. The company was relieved to announce a new financial arrangement with the US pharmaceutical company, Schering-Plough. Schering-Plough will provide a cash injection of around £52m to help develop and commercialise British Biotech's cancer drug, Marimastat.
Sources and References
Sparks of life at British Biotech
Parliament quizzes biotech body over code of conduct