OLDEST IRISH AMERICAN NEWSPAPER IN USA, ESTABLISHED IN 1928
Category: Archive

Galen sells

February 16, 2011

By Staff Reporter

In other pharmaceutical news, Northern Ireland-based drug company Galen will sell its pharmaceutical services division, ICTI, for about $16 million to a company controlled by Dr. Allen McClay, the founder and former president of Galen.

Galen chief executive Roger Boissonneault said the sale would allow Galen focus on its pharmaceutical products business.

In January, McClay led a _25 million management buy-out of Galen’s Chemical Synthesis Services, previously considered one of the main businesses in the group’s pharmaceutical services division.

Last year Galen raised _300 million in a share issue. The group said it intended to spend the money on acquisitions in the United States and was believed to be investigating a number of potential product acquisitions at this time.

Other Articles You Might Like

Sign up to our Daily Newsletter

Click to access the login or register cheese