Peter Allen, the chairman of Borders-based drugs company ProStrakan, is to become the new chairman of Clinigen, a maker of drugs for clinical trials that is set to announce plans for flotation this week.
Allen is also chairman of biotech firm Chroma Therapeutics and publishing group Future. He will replace Andrew Leaver at the helm of Clinigen, which will be valued at £170 million when it becomes the first pharmaceuticals company to float in London for five years.
A spokesman for Clinigen said Leaver, who founded the group in 2007, will step down following its Alternative Investment Market float.
Galashiels-based ProStrakan floated in 2005 and was taken private in a £300m acquisition last year by Japanese peer Kyowa Hakko Kirin.
Turnover at the firm rose to £105.2m last year, up from £100.2m previously, thanks to an increase in sales, according to accounts filed at Companies House. But lower licensing and royalty payments and a rise in distribution costs meant underlying losses rose to £14m from £1m before fees associated with the takeover were factored in.
Clinigen hopes to raise more than £10m through the float, which is being handled by Numis. The group believes investors will be attracted by its strong growth record.
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