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.