Galen Seeks Funding For Expansion

Galen, a pharmaceutical company in Northern Ireland, is planning aflotation to raise around L20 million ($32.5 million), which it will use to fund the expansion of Clinical Trial Supplies, a subsidiary accounting for around 30% of its turnover.

In addition to the listing, Galen will sell L5-L10 million of existing shares. It has turnover of L131.1 million, profits of L7.7 million, and a market capitalization of L150 million, according to Hoare Govett, which is handling the placing. Galen's core business is pharmaceuticals, with a sales force of 60 in the UK and Ireland.