What's in a name?
Former U.K. bellwether British Biotech Group plc is starting from scratch, with a new name and two recent acquisitions that it hopes will create a new company with critical mass. Management says the goal over the next three years is to create a company with a £500 million ($833 million) market cap via the acquisition of companies with late-stage or marketed products and/or cash, with minimal dependence on the capital markets.
Most recently, British Biotech (LSE:BBG; BBIOY, Oxford, U.K.) announced plans to merge with Vernalis Group plc (LSE:VER, London, U.K.) and take the latter's name (see BioCentury, July 7). That deal will give BBG a marketed product - Frova frovatriptan for migraine - and adds one product in Phase II studies (see "BBG-VER Pipeline"). ...