UK-based vaccine maker PowderJect is now said to be in the latter stages of takeover negotiations, with the interested party widely tipped to be the USA's Chiron, rumoured to be proferring a bid valuing the company at around £500 million (€698 million).
PowderJect chief executive Paul Drayson, who owns around 8 per cent of the firm, told reporters at a press briefing in London that he was prepared to cede control in the event of a successful bid, if it best served the interests of shareholders.
Meantime, Powderject reported a strong set of results for the fiscal year ended March 31, reaching record sales levels in its core flu, travel and biodefense vaccine franchises. Pretax profit leaped to £23.5 million from £100,000 the previous year, while revenues rose 40 per cent to £158.5 million.
The company also improved its cash position to £89.3 million from £67.2 million and Mr Drayon acknowledged that some of these funds may be used to address the lack of mid-stage product candidates currently in the pipeline. PowderJect also issued its first-ever dividend, of 3 pence, believed to be the first to be paid out by a UK biotechnology concern.
PowderJect first came to prominence in the 1990s with its proprietary needle-free injector device, and is now carving out a niche as a supplier of specialty vaccines.