SB Hands Over Patents To Spin-Off Biotech Company AdProTech
SmithKline Beecham, one of the UK's largest pharmaceutical companies, isspinning off its protein technology group into new biotechnology company called AdProTech.
The decision to hand over a portfolio of patents and laboratory equipment is, according to SB spokesman Alan Chandler, "due to the fact that group patents fell out of sight of our focus concentration," and reflects the transformation of SB from a company focused on making medicines into one with a broader role in health care. In return, SB has taken a small equity share of 10% and will also have the status of preferred partner for any drugs developed by AdProTech.
Funding of L5 million ($8.1 million) for the spin-off has been raised by three venture capital companies: 3i, Alta Berkeley and the Prelude Trust, and is led by chairwoman Janet Dewdney, who was previously vice chairwoman of SB's biotechnology operations in Europe. Chief executive is Ed Dart, former research director of the seeds division at Zeneca.
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