David Horrobin Steps Down At Scotia

- Musical Chairs In UK Biotech Sector: Last week saw severalsurprise moves among UK biotechnology company executives. David Horrobin, founder of Scotia Holdings, announced he was to leave the company - along with his co-founding wife Sherri Clarkson (who will depart in June 1998), to set up a new business - Scarista Ltd - which will license some of Scotia's technology in the area of asthma and schizophrenia products, in return for a L1 million ($1.65 million) advance, milestone payments of up to L26 million and 5%-12.5% royalties on future sales. Replacing Mr Horrobin (who remains a non-executive director) as chief executive is Robert Dow. Also leaving is Jeffrey Boily, managing director of worldwide commercial operations.