British Biotech plc AGM update
01 October 2003
British Biotech plc (today to be renamed Vernalis plc, subject to shareholder approval) has been transformed during 2003 through two substantial mergers, and the Company is continuing to achieve further advances through important pipeline progress and extensive post-merger restructuring.
The first merger with the privately-held company RiboTargets Holdings plc was completed in April 2003 and brought a high quality, structure-based drug discovery capability focused on novel cancer targets. The second merger with Vernalis Group plc was completed in September 2003 and brought a marketed product, frovatriptan, a clinical portfolio and innovative discovery programmes focused on central nervous system disorders. The integration of British Biotech and RiboTargets has been fully completed, and the integration of Vernalis is progressing ahead of schedule.
The Company's sustained progress will be presented to shareholders at today's AGM.
Presentation highlights will include:
- Continued growth of frovatriptan sales in North America and Europe, with total prescriptions in North America up 23% in the latest quarter;
- A stringent review of the Company's combined post-merger R&D portfolio in order to focus future investment on the most competitive opportunities, encompassing four products in full development and five late research programmes, two of which are funded by partners;
- Continuing advances with priority pipeline products
- Initiation of a second Phase IIIb study with frovatriptan to support the successful menstrually-associated migraine trial completed in April 2003
- Start of Phase I studies with R140, a new treatment for cancer pain
- Entry into Phase I expected this year for VR2006, a novel treatment for Parkinson's disease
- Substantial progress in the integration of the three merged companies. Significant cost synergies have been identified, and are expected to amount in total to £13m p.a., when implemented by Q1 2004, fully achieving initial estimates.
Simon Sturge, Chief Executive Officer, said: "Following the transforming mergers of 2003, the Company is continuing to increase shareholder value by focusing on its most competitive R&D pipeline products and substantially reducing its cost base."
View further information (PDF - 56KB).
----ends----
