Bye Bye Vernalis And Another Blow For UK Biotech
Vernalis' decision to switch strategy and enter the US cough-cold market backfired spectacularly and acquirer Ligand is getting hold of what once was a jewel in the UK biotech crown for next to nothing.
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Slower than expected US sales of its first long-acting liquid cough-and-cold formulation, and improved visibility on its future US infrastructure costs, has prompted UK-based Vernalis to raise funds from existing investors to support further product launches and to reach the goal of sustainable profitability.
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