PowderJect
PowderJect, was 'a vaccine, drug and diagnostics delivery company specialising in the needle-free, pain-free injection of drugs, biophamaceuticals, conventional and DNA Vaccines and diagnostics in dry powder form.'[1] It was 'originally spun out' from the University of Oxford in 1993 with the aid of Isis Innovation.[1] In 2003, PowderJect was acquired Chiron Corporation for $800m. In April 2006 Chiron was bought out by Novartis Vaccines and Diagnostics part of Novartis.</ref>Thomson Reuters Novartis acquisition of Chiron approved by Chiron shareholders, 19/04/2006, 2006, 6.28 PM CET </ref> In 2002 PowderJect, 'was caught up in controversy... after winning a £32m smallpox vaccine contract from the government'.[2]
In 2003 PowderJect, 'headed by Labour donor Paul Drayson', was subject to a £542m takeover bid from US pharmaceuticals group Chiron - 'yielding a £100m windfall for Mr Drayson, his father-in-law and their families.'[2]
- Mr Drayson, the chief executive, who pumped £250,000 into PowderJect when he joined 10 years ago, will pocket almost £43m from his 8% holding. His father-in-law, Brian Bellhouse, the brains behind the company's much-hyped needle-free injection technology, will pick up £19.5m for his 3.6% stake, while the two men's family trusts will receive £41m of cash.[2]
People
Resources
- Steve Doughty Lord Moneyjabs: How Drayson fattened up his drug firm on the taxpayer - then made £80m selling it to Americans Daily Mail, UPDATED: 01:18, 16 June 2009.
Notes
- ↑ 1.0 1.1 Isis PowderJect Pharmaceuticals Plc - part of Novartis AG, accessed 18 August 2013
- ↑ 2.0 2.1 2.2 Geoffrey Gibbs £43m windfall for PowderJect chief The Guardian, Tuesday 20 May 2003 02.34 BST
