Biotech investors demand action now
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
LEADING institutional shareholders in British Biotech stepped up the pressure on the beleaguered drug development company yesterday, urging the board to issue a full statement in the next few days or risk an emergency general meeting.
Major investors such as Perpetual are becoming increasingly frustrated at the delaying tactics of the board, which has indicated that it could be several weeks before it issues a detailed circular countering allegations made by Dr Andrew Millar, its former head of clinical trials who was sacked last week.
Bob Yerbury of Perpetual, said: "We continue to have concerns and they need to be addressed as a matter of urgency."
Another leading shareholder said: "We cannot be talking about weeks before this circular. It must be days. Shareholders and advisers need to satisfy themselves as to whether there is any validity to these claims. I think there probably is and if so then there would need to be some changes to the front team."
British Biotech said: "We are preparing a comprehensive circular to prospectus standards. That would normally take in excess of four weeks."
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments