British Biotech offers £48m for Vernalis

- Last updated on GMT

Related tags: United kingdom

The UK biotechnology industry is gearing up for yet another bout of
consolidation with the news that British Biotech has made a £48
million (€73m) offer for Vernalis.

The UK biotechnology industry is gearing up for yet another bout of consolidation with the news that British Biotech has made a £48 million (€73m) offer for Vernalis. The offer comes less than three months after British Biotech merged with RiboTargets in a move intended to improve its pipeline and shore up its drug discovery capabilities.

The move would see British Biotech, with no products on the market but a cash pile of £51 million, gain access to Vernalis' migraine drug Frova (frovatriptan), which is already on sale in the USA and Europe.

Vernalis has been on the look-out for a means of adding to its dwindling cash reserves, and in May unveiled plans for a £16 million private placement of shares to help it cope with widening losses.

Related topics: Preclinical Research

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