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Early phase drug development specialist Pharmaceutical Profiles has a new management team following a £10 million buy-out.
The MBO was initiated by Simon Lee and Nigel Souster of the company’s incumbent management team and was supported by private equity and venture capital leader, 3i. Two new members have joined the Group Board; Edwin Moses, as Executive Chairman and Angus Bell as Acting CEO.
The company is now aiming to enhance its position as a leader in its field and double turnover to £20 million.
The deal brings together a formidable management team. Moses has led a number of successful high growth international life science companies as well a public offering on the LSE and a variety of M&A transactions. Bell has spent 30 years in leadership positions with Glaxo and the global contract research organisation, Quintiles. The incumbent team of Chief Operating Officer Lee and Chief Financial Officer Souster completes a high quality Group board that will now focus on enhancing the company’s position as a leading player in the provision of innovative services in early drug development, an increasingly important area of the pharmaceutical and biotechnology industries.
“This new management team has significant sector and commercial expertise combined with excellent industry contacts,” explained Simon Lee. “The deal has been concluded in a way that allows us not only to retain the expertise which has brought the company this far, but to bring in a new team to take the business forward to new successes. I think I speak for everyone when I say it is a time of both excitement and expectation.”
Founders Ian Wilding and Bob Davis will continue to work with the company, with Wilding remaining closely involved in key client management and Davis setting up and chairing a new Scientific Advisory Board.
Dr Wilding was delighted to conclude the deal, explaining: "I am extremely proud of our achievements at Pharmaceutical Profiles in recent years. However, I recognised some time ago that the next stage of growth required a different approach to management. I am therefore delighted that Simon and Nigel will combine with Edwin and Angus to make what I think is a "top division" management team. I remain deeply committed to this business and feel sure the new team will continue to deliver on our "exceeds expectations" approach to client services".
Pharmaceutical Profiles was founded by Dr Ian Wilding and Professor Bob Davis in 1990 and was the first successful spin-out company from Nottingham University. Today it employs 100 people at bespoke facilities at a high tech business park in Ruddington, near Nottingham. It is a world leader in the conduct of Human Drug Absorption (HDA) studies that determine the complex oral biopharmaceutical properties of new molecular entities.
These studies provide a ‘route map’ to later phase clinical development by demonstrating whether a product is suitable for oral delivery, if it will require "enabling technologies" to keep it in development or if it is a poor drug candidate where further development should be stopped.
The Company is currently enjoying one its most successful periods and indeed, since 2002, has undertaken more than 150 complex clinical studies for major pharmaceutical, drug delivery and biotechnology companies in North America, Europe and Japan.
The firm recently secured Frost & Sullivan's prestigious 2004 Excellence in Technology Award for its pioneering efforts to enhance the adoption of innovative technologies in early phase drug development.
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Last updated on: 27/08/2010