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British Bio ready to show teeth

13 April 2012

FORMER drugs minnow British Biotech wants to become a shark. Having sealed two mergers this year - with private rival RiboTargets and quoted tiddler Vernalis - chief executive Simon Sturge wants to swallow more.

He said: 'There are 1,800 biotech companies in Europe. Only 25 are profitable. A number have interesting assets. Our aim is to bring them together and reduce the cost base.'

British Biotech, now renamed Vernalis, is already having 'preliminary' talks. Sturge is keen to buy in the US and wants partners to help develop its drugs pipeline. Bio shares, tipped here in January at the equivalent of 60p, rose 3p to 83p.

Vernalis will focus on four main drugs - including one for Parkinson's disease. Some 70 jobs will go by the end of the year end as it seeks £13m annual cost savings.

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