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{{Short description|British based Biotechnology company}}
{{Infobox Defunct Company
{{EngvarB|date=September 2013}}
| company_name = British Biotech <small>''plc''<br>([[London Stock Exchange|LSE]]:BBG [[Nasdaq]]:BBIOY)</small>
{{Use dmy dates|date=January 2024}}
| company_logo =
{{Infobox company
| name = British Biotech <small>''plc''<br />([[London Stock Exchange|LSE]]:BBG [[Nasdaq]]:BBIOY)</small>
| logo =
| fate = Merged
| fate = Merged
| successor = company merged into Vernalis
| successor = [[Vernalis plc]]
| foundation = 1986
| foundation = 1986
| defunct = 2003
| defunct = 2003
| location = [[Oxford]], [[United Kingdom]]
| location = [[Oxford]], United Kingdom
| industry = [[Biotechnology]]
| industry = [[Biotechnology]]
| key_people = '''CEO'''<br>Keith McCullagh, 1986-1998<br>Elliot Goldstein, 1998-2002<br>Tim Edwards, 2002-2003<br>'''Chair'''<br>Brian Richards, 1986-1998<br>Christopher Hampson, 1998-2002<br>Peter Fellner, 2002-2003
| key_people = '''CEO'''<br />Keith McCullagh, 1986–1998<br />Elliot Goldstein, 1998–2002<br />Tim Edwards, 2002–2003<br />'''Chair'''<br />Brian Richards, 1986–1998<br />Christopher Hampson, 1998–2002<br />Peter Fellner, 2002–2003
| products =
| products =
| num_employees = 500
| num_employees = 500
| parent =
| parent =
| subsid =
| subsid =
}}
}}


'''British Biotech''' was a British-based [[biotech]]nology company founded as '''British Biotechnology Limited''' in 1986 by former [[G. D. Searle & Company|G D Searle]] managers Keith McCullagh and Brian Richards.<ref name="searle">{{cite web|last=Rosen |first=Michael S. |year=2003 |url=http://www.midwestbusiness.com/printer/article.asp?newsletterID=4627 |title=The Final Death Knell of Chicago's G.D. Searle |publisher=Midwest Business |accessdate=12 May 2003 |url-status=dead |archiveurl=https://web.archive.org/web/20070927070247/http://www.midwestbusiness.com/printer/article.asp?newsletterID=4627 |archivedate=27 September 2007}}</ref>
'''British Biotech''' was a British based [[biotech]] company.
It was the first British biotech company to be publicly listed when it was floated on 1 July 1992.<ref name="ipo">{{cite web

British Biotechnology Limited was founded in 1986 by former [[G. D. Searle & Company|G D Searle]] managers Keith McCullagh and Brian Richards,<ref name="searle">{{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
| work =
| publisher = Midwest Business
| accessdate = 12 May 2003
}}</ref>
and was the first British biotechnology company to be publicly listed when it was floated on 1 July 1992 <ref name="ipo">{{cite web
| last =
| first =
| authorlink =
| coauthors =
| year = 1992
| url = http://www.nea.com/PortfolioCompanies/SummaryReports/IPO/index.cfm?SR=88
| url = http://www.nea.com/PortfolioCompanies/SummaryReports/IPO/index.cfm?SR=88
| title = BBIOY IPO
| title = BBIOY IPO
| work = IPO Summary Report
| work = IPO Summary Report
| publisher = NEA
| publisher = NEA
| accessdate = 1 December 1992
| date = 1 December 1992
| access-date = 1 August 2006
}}</ref>
| archive-url = https://web.archive.org/web/20070928035326/http://www.nea.com/PortfolioCompanies/SummaryReports/IPO/index.cfm?SR=88
| archive-date = 28 September 2007
| url-status = dead
}}</ref>


==Controversy==
In 1996, despite having no compounds on or near the market, it was temporarily valued at nearly $2.5 billion <ref name="gaffe7">{{cite web
In 1996, despite having no compounds on or near the market, the company was temporarily valued at nearly $2.5&nbsp;billion,<ref name="gaffe7">{{cite journal
| last =
| first =
| last =Hodgson
| authorlink =
| first =John
| coauthors = John Hodgson
| year = 2006
| year = 2006
| url = http://www.nature.com/nbt/journal/v24/n3/full/nbt0306-270.html
| url = http://www.nature.com/nbt/journal/v24/n3/full/nbt0306-270.html
| title = Ten years of biotech gaffes
| title = Ten years of biotech gaffes
| work = Nature Biotechnology
| journal = Nature Biotechnology
| volume =24
| issue =3
| pages =270–273
| publisher = Nature Publishing Group
| publisher = Nature Publishing Group
| doi =10.1038/nbt0306-270
| pmid =16525384
| s2cid =560311
| accessdate = 8 March 2006
| accessdate = 8 March 2006
}}</ref> largely on the basis of its two main development drugs: ''[[marimastat]]'' (a novel [[Matrix metalloproteinase#Inhibitors|matrix metalloprotease inhibitor]] for cancer treatment<ref name="jco">{{cite web |author1=Wojtowicz-Praga S |author2=Torri J |author3=Johnson M |author4=Steen V |author5=Marshall J |author6=Ness E |author7=Dickson R |author8=Sale M |author9=Rasmussen HS |author10=Chiodo TA |author11=Hawkins MJ |year=1998 |url=http://www.jco.org/cgi/content/abstract/16/6/2150 |title=Phase I trial of Marimastat |work=Journal of Clinical Oncology |publisher=American Society of Clinical Oncology |accessdate= |archive-url=https://web.archive.org/web/20050512065616/http://www.jco.org/cgi/content/abstract/16/6/2150 |archive-date=12 May 2005 |url-status=dead }}</ref>) and [[lexipafant]] (''Zacutex'', for [[pancreatitis]]). ''[[Batimastat]]'' (codename BB94) progressed as far as stage 3 in its clinical trial, although not orally bioavailable, there are other methods of administration, including transdermal.
}}</ref>, largely on the basis of its two main development drugs, [[marimastat]] (a novel [[Matrix_metalloproteinase#Inhibitors|matrix metalloprotease inhibitor]] for cancer treatment <ref name="jco">{{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
| work = Journal of Clinical Oncology
| publisher = American Society of Clinical Oncology
| accessdate = 16 June 1998
}}</ref>) 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" .<ref name="report">{{cite web
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".<ref name="report">{{cite web
| last =
| first =
| authorlink =
| coauthors =
| year = 1998
| year = 1998
| url = http://www.publications.parliament.uk/pa/cm199798/cmselect/cmsctech/888/88804.htm
| url = https://publications.parliament.uk/pa/cm199798/cmselect/cmsctech/888/88804.htm
| title = Fifth Report
| title = Fifth Report
| work = Select Committee on Science and Technology
| work = Select Committee on Science and Technology
| publisher = House of Commons
| publisher = House of Commons
| accessdate = 13 August 1998
| accessdate =
}}</ref> 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.<ref name="report" /> 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 <ref name="sec">{{cite web
}}</ref> These events were the subject of an inquiry by the [[House of Commons of the United Kingdom|House of Commons]] [[Select Committee on Science and Technology]] in August 1998 which absolved Dr&nbsp;Millar of any responsibility for the company's problems.<ref name="report" />
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 wilfully misled the public about the progress of marimastat<ref name="sec">{{cite web
| last =
| first =
| authorlink =
| coauthors =
| year = 1999
| year = 1999
| url = http://www.nature.com/nbt/journal/v17/n7/full/nbt0799_624b.html
| url = http://www.nature.com/nbt/journal/v17/n7/full/nbt0799_624b.html
| title = Nature Biotechnology
| title = British Biotech settles up
| work = Nature Biotechnology
| work = [[Nature Biotechnology]]
| publisher = Nature Publishing Group
| publisher = Nature Publishing Group
| accessdate = 18 July 1999
| accessdate =
}}</ref> and that unblinding data before the end of clinical trials does not necessarily invalidate the results.<ref name="ipupdate">{{cite web
}}</ref> and that [[blind experiment|unblinding data]] before the end of clinical trials does not necessarily invalidate the results.<ref name="ipupdate">{{cite web
| last =
| last = Khan
| first =
| first = Alex
| authorlink =
| coauthors = Alex Khan
| year = 1999
| year = 1999
| url = http://www.ipit-update.com/plant01.htm
| url = http://www.ipit-update.com/plant01.htm
| title = Shedding Biotech’s Bad Name
| title = Shedding Biotech's Bad Name
| work = IP/IT Update
| work = IP/IT Update
| publisher = NIPC
| publisher = NIPC
| archive-url = https://web.archive.org/web/20061027151425/http://www.ipit-update.com/plant01.htm
| accessdate = 15 February 1999
| archive-date = 27 October 2006
}}</ref> Marimastat underwent Phase III trials in collaboration with [[Schering-Plough|Schering-Plough Corporation]].<ref name="marupdate">{{cite web
| last =
| url-status = dead
}}</ref> Marimastat underwent [[Clinical trial#Phase III|Phase III trials]] in collaboration with [[Schering-Plough|Schering-Plough Corporation]].<ref name="marupdate">{{cite web
| first =
| authorlink =
| coauthors =
| year = 2001
| year = 2001
| url = http://www.mult-sclerosis.org/news/May2001/MMPIPhaseIIICancerTrialMMPIsMaybeUsefulinMS.html
| url = http://www.mult-sclerosis.org/news/May2001/MMPIPhaseIIICancerTrialMMPIsMaybeUsefulinMS.html
| title = Marimastat Update
| title = Marimastat Update
| work =
| website =
| publisher = BusinessWire
| publisher = [[BusinessWire]]
| accessdate = 2 May 2001
| accessdate =
}}</ref>
}}</ref> Further development of zacutex was abandoned due to poor clinical trial results.<ref name="zaputex">{{cite web
Further development of Zacutex was abandoned due to poor clinical trial results.<ref name="zaputex">{{cite web
| last =
| first =
| authorlink =
| coauthors =
| year = 1998
| year = 1998
| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241
| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241
| title = Zacutex UK Phase III clinical data presented at American Gastroenterological Association
| title = Zacutex UK Phase III clinical data presented at American Gastroenterological Association
| work = Select Committee on Science and Technology
| work = Select Committee on Science and Technology
| publisher = House of Commons
| publisher = House of Commons
| accessdate = 14 September 1998
| accessdate =
}}</ref>
}}</ref> The corporate politics behind the downfall of British Biotech was later recorded for a [[BBC2]] Series "Blood on The Carpet".<ref name="bloodcarpet">{{cite web

| last =
The corporate politics behind the downfall of British Biotech was later recorded for a [[BBC2]] Series ''Blood on the Carpet''.<ref name="bloodcarpet">{{cite web
| first =
| authorlink =
| coauthors =
| year = 2001
| year = 2001
| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241
| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241
| title = BBC2's Blood on the Carpet
| title = BBC2's Blood on the Carpet
| work =
| website =
| publisher = BBC
| publisher = BBC
| accessdate =2001
| accessdate =
}}</ref>
}}</ref>


== Disappearance ==
In 2003, British Biotech merged with [[RiboTargets]] and then into [[Vernalis plc|Vernalis]]. The British Biotech company name disappeared after this merger and remaining staff integrated into the Vernalis organisation in [[Winnersh]], [[Berkshire]].
In 2003, British Biotech merged with RiboTargets and then into [[Vernalis Group]]. The British Biotech company name disappeared after this merger and remaining staff integrated into the new [[Vernalis plc]] organisation in [[Winnersh]], Berkshire.

==External links==
* [http://www.vernalis.com/ver/ Vernalis: Parent company]


==References==
==References==
{{Reflist}}
<div class=

"references-small">
==External links==
<references/></div>
* [https://web.archive.org/web/20060615024809/http://www.vernalis.com/ver/ Vernalis: Parent company]


[[Category:Biotechnology companies of the United Kingdom]]
[[Category:Biotechnology companies of the United Kingdom]]
[[Category:Companies based in Oxford]]
[[Category:Biotechnology companies established in 1986]]
[[Category:Biotechnology companies disestablished in 2003]]
[[Category:1986 establishments in England]]
[[Category:2003 disestablishments in England]]

Latest revision as of 12:53, 30 January 2024

British Biotech plc
(LSE:BBG Nasdaq:BBIOY)
IndustryBiotechnology
Founded1986
Defunct2003
FateMerged
SuccessorVernalis plc
HeadquartersOxford, United Kingdom
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
Number of employees
500

British Biotech was a British-based biotechnology company founded as British Biotechnology Limited in 1986 by former G D Searle managers Keith McCullagh and Brian Richards.[1] It was the first British biotech company to be publicly listed when it was floated on 1 July 1992.[2]

Controversy

[edit]

In 1996, despite having no compounds on or near the market, the company was temporarily valued at nearly $2.5 billion,[3] largely on the basis of its two main development drugs: marimastat (a novel matrix metalloprotease inhibitor for cancer treatment[4]) and lexipafant (Zacutex, for pancreatitis). Batimastat (codename BB94) progressed as far as stage 3 in its clinical trial, although not orally bioavailable, there are other methods of administration, including transdermal.

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".[5] 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.[5]

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 wilfully misled the public about the progress of marimastat[6] and that unblinding data before the end of clinical trials does not necessarily invalidate the results.[7] Marimastat underwent Phase III trials in collaboration with Schering-Plough Corporation.[8] Further development of Zacutex was abandoned due to poor clinical trial results.[9]

The corporate politics behind the downfall of British Biotech was later recorded for a BBC2 Series Blood on the Carpet.[10]

Disappearance

[edit]

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

References

[edit]
  1. ^ Rosen, Michael S. (2003). "The Final Death Knell of Chicago's G.D. Searle". Midwest Business. Archived from the original on 27 September 2007. Retrieved 12 May 2003.
  2. ^ "BBIOY IPO". IPO Summary Report. NEA. 1 December 1992. Archived from the original on 28 September 2007. Retrieved 1 August 2006.
  3. ^ Hodgson, John (2006). "Ten years of biotech gaffes". Nature Biotechnology. 24 (3). Nature Publishing Group: 270–273. doi:10.1038/nbt0306-270. PMID 16525384. S2CID 560311. Retrieved 8 March 2006.
  4. ^ Wojtowicz-Praga S; Torri J; Johnson M; Steen V; Marshall J; Ness E; Dickson R; Sale M; Rasmussen HS; Chiodo TA; Hawkins MJ (1998). "Phase I trial of Marimastat". Journal of Clinical Oncology. American Society of Clinical Oncology. Archived from the original on 12 May 2005.
  5. ^ a b "Fifth Report". Select Committee on Science and Technology. House of Commons. 1998.
  6. ^ "British Biotech settles up". Nature Biotechnology. Nature Publishing Group. 1999.
  7. ^ Khan, Alex (1999). "Shedding Biotech's Bad Name". IP/IT Update. NIPC. Archived from the original on 27 October 2006.
  8. ^ "Marimastat Update". BusinessWire. 2001.
  9. ^ "Zacutex UK Phase III clinical data presented at American Gastroenterological Association". Select Committee on Science and Technology. House of Commons. 1998.
  10. ^ "BBC2's Blood on the Carpet". BBC. 2001.
[edit]
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