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Coughing up for cough coup: Vernalis pulls it off again

 
• By Eleanor Malone

The remarkable thing about the UK firm Vernalis is how many times it has in its various incarnations been able to extract cash from shareholders without having delivered on its promises. This time, says CEO Ian Garland, is the last time. It has just announced a £68.5 million placing and open offer in which it has convinced both new and existing investors of the wisdom of establishing a North American commercial infrastructure through which to channel extended-release liquid prescription cough and cold products from its new partner, Tris Pharma.

The remarkable thing about the UK firm Vernalis is how many times it has in its various incarnations been able to extract cash from shareholders without having delivered on its promises. This time, says CEO Ian Garland, is the last time. It has just announced a £68.5 million placing and open offer in which it has convinced both new and existing investors of the wisdom of establishing a North American commercial infrastructure through which to channel extended-release liquid prescription cough and cold products from its new partner, Tris Pharma.

At first glance, the deal and associated fundraising is perplexing. Why would a company with a pipeline of partnered and...

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