VC firm launches pharma company
A London investment house has formed a new company that will aim to acquire specialty pharmaceutical prescription products for development and marketing in Europe.
Advent Venture Partners announced it has created Speciality Pharma Ltd and appointed an industry veteran, Geoff McMillan, as its chief executive, who will be joined on the company’s board by a consortium of industry and healthcare old hands with insider knowledge of the European development, regulatory pricing and marketing environment.
McMillan is formerly of Biofocus, Roche and Elan.
“The European market for regulatory approval, marketing and distribution of specialty pharmaceutical products is a complex one,” said Raj Parekh, general partner at Advent Ventures.
“Many useful specialty products are simply not broadly approved or available within Europe today and we see a considerable business opportunity for a company focused on acquiring products in one territory and accelerating their approval and distribution into others. Hence our formation of Speciality European Pharma.”
McMillan added: “There is a tremendous pool of opportunity for Speciality European Pharma to exploit and we have brought together an outstanding team of industry experts to build Europe’s leading speciality pharma company. I am delighted to be involved in this young and exciting business and look forward to leading it as we achieve our goal.”
© Crimson Business Ltd. 2006