Pharmaceutical companies Glaxo Wellcome and SmithKline Beecham (SKB) will complete their £118bn merger on 21 August, subject to shareholder approval. The result - Glaxo-SmithKline - will be the world's largest drugs firm, with a 7.5 per cent share of the market. The new chairman will be Sir Richard Sykes, currently at Glaxo.
Meanwhile, the British head of asthma inhaler manufacturers Bespake has been headhunted by US firm Celera Genomics. Peter Chambre will become chief operating officer at Celera, which aims to sell information based on its database of human genes to drug companies. An article in last week's Wall Street Journal focuses on other genomics firms rushing to go public, and examines the risks for investors.
Lastly, US biotech firm TranXenoGen is to float on the stock market with the backing of Nigel Wray, the high-profile City financier. TranXenoGen, valued at £60m, specialises in creating genetically altered chickens that produce human proteins in their eggs.
Sources and References
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US regulators close to clearing £118bn drugs deal
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US gene firm poaches Bespak boss
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High-flyer backs ?ú60m bio-chicks
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Genomics firms map out IPO blueprint for success
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