ProStrakan keeping it in the family

THE son of one of ProStrakan's founder was yesterday named as chief executive of the Borders-based drugs developer, which was snapped up by Japanese peer Kyowa Hakko Kirin (KHK) in March.

Tom Stratford - son of Harry, who co-founded the firm in 1995 and retired as chairman in 2007 - steps up from his role as executive vice-president of business development. He joined ProStrakan from Glaxo Wellcome in 1997 as its sixth employee. Stratford replaces acting chief executive Peter Allen, who will return to his role as non-executive chairman. Allen had stepped into the breach in September after Wilson Totten "fell on his sword" following a profits warning and regulatory delays.

Stratford, who holds a degree in bio-chemistry and a doctorate in biology, told The Scotsman: "My dad was delighted on a personal level but he was also pleased KHK had appointed from within, giving a vote of confidence in ProStrakan's staff."

Allen added: "KHK sought my advice but it was very much their decision.