British Biotech

Infobox Defunct Company
company_name = British Biotech "plc"
(LSE:BBG Nasdaq:BBIOY)
company_
fate = Merged
successor = company merged into Vernalis
foundation = 1986
defunct = 2003
location = Oxford, United Kingdom
industry = Biotechnology
key_people = CEO
Keith McCullagh, 1986-1998
Elliot Goldstein, 1998-2002
Tim Edwards, 2002-2003
Chair
Brian Richards, 1986-1998
Christopher Hampson, 1998-2002
Peter Fellner, 2002-2003
products =
num_employees = 500
parent =
subsid =

British Biotech was a British based biotech company.

British Biotechnology Limited was founded in 1986 by former G D Searle managers Keith McCullagh and Brian Richards, cite web
last =
first =
authorlink =
coauthors = Michael S. Rosen
year = 2003
url = http://www.midwestbusiness.com/printer/article.asp?newsletterID=4627
title = The Final Death Knell of Chicago’s G.D. Searle
format = HTML
work =
publisher = Midwest Business
accessdate = 12 May
accessyear = 2003] and was the first British biotechnology company to be publicly listed when it was floated on 1 July 1992 cite web
last =
first =
authorlink =
coauthors =
year = 1992
url = http://www.nea.com/PortfolioCompanies/SummaryReports/IPO/index.cfm?SR=88
title = BBIOY IPO
format = HTML
work = IPO Summary Report
publisher = NEA
accessdate = 1 December
accessyear = 1992]

In 1996, despite having no compounds on or near the market, it was temporarily valued at nearly $2.5 billion cite web
last =
first =
authorlink =
coauthors = John Hodgson
year = 2006
url = http://www.nature.com/nbt/journal/v24/n3/full/nbt0306-270.html
title = Ten years of biotech gaffes
format = HTML
work = Nature Biotechnology
publisher = Nature Publishing Group
accessdate = 8 March
accessyear = 2006] , largely on the basis of its two main development drugs, marimastat (a novel matrix metalloprotease inhibitor for cancer treatment cite web
last =
first =
authorlink =
coauthors = Wojtowicz-Praga S, Torri J, Johnson M, Steen V, Marshall J, Ness E, Dickson R, Sale M, Rasmussen HS, Chiodo TA, Hawkins MJ.
year = 1998
url = http://www.jco.org/cgi/content/abstract/16/6/2150
title = Phase I trial of Marimastat
format = HTML
work = Journal of Clinical Oncology
publisher = American Society of Clinical Oncology
accessdate = 16 June
accessyear = 1998] ) and zacutex (for pancreatitis).

In February 1998, Dr Andrew Millar was dismissed as Head of Clinical Research and went on to make allegations that "the Board were running a business plan consistent only with extreme and unfounded optimism" .cite web
last =
first =
authorlink =
coauthors =
year = 1998
url = http://www.publications.parliament.uk/pa/cm199798/cmselect/cmsctech/888/88804.htm
title = Fifth Report
format = HTML
work = Select Committee on Science and Technology
publisher = House of Commons
accessdate = 13 August
accessyear = 1998] These events were the subject of an inquiry by the House of Commons Select Committee on Science and Technology in August 1998 which absolved Dr Millar of any responsibility for the company’s problems. Subsequent investigations by the Securities and Exchange Commission, Food and Drug Administration, London Stock Exchange and the European Medicines Evaluation Agency found that British Biotech had willfully misled the public about the progress of marimastat cite web
last =
first =
authorlink =
coauthors =
year = 1999
url = http://www.nature.com/nbt/journal/v17/n7/full/nbt0799_624b.html
title = Nature Biotechnology
format = HTML
work = Nature Biotechnology
publisher = Nature Publishing Group
accessdate = 18 July
accessyear = 1999] and that unblinding data before the end of clinical trials does not necessarily invalidate the results.cite web
last =
first =
authorlink =
coauthors = Alex Khan
year = 1999
url = http://www.ipit-update.com/plant01.htm
title = Shedding Biotech’s Bad Name
format = HTML
work = IP/IT Update
publisher = NIPC
accessdate = 15 February
accessyear = 1999] Marimastat underwent Phase III trials in collaboration with Schering-Plough Corporation.cite web
last =
first =
authorlink =
coauthors =
year = 2001
url = http://www.mult-sclerosis.org/news/May2001/MMPIPhaseIIICancerTrialMMPIsMaybeUsefulinMS.html
title = Marimastat Update
format = HTML
work =
publisher = BusinessWire
accessdate = 2 May
accessyear = 2001] Further development of zacutex was abandoned due to poor clinical trial results.cite web
last =
first =
authorlink =
coauthors =
year = 1998
url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241
title = Zacutex UK Phase III clinical data presented at American Gastroenterological Association
format = HTML
work = Select Committee on Science and Technology
publisher = House of Commons
accessdate = 14 September
accessyear = 1998] The corporate politics behind the downfall of British Biotech was later recorded for a BBC2 Series "Blood on The Carpet".cite web
last =
first =
authorlink =
coauthors =
year = 2001
url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241
title = BBC2's Blood on the Carpet
format = HTML
work =
publisher = BBC
accessdate =
accessyear = 2001]

In 2003, British Biotech merged with RiboTargets and then into Vernalis. The British Biotech company name disappeared after this merger and remaining staff integrated into the Vernalis organisation in Winnersh, Berkshire.

External links

* [http://www.vernalis.com/ver/ Vernalis: Parent company]
* [http://www.ukbusinesspark.co.uk/brh55595.htm History of Company]

References