It seemed a bold strategy, when first announced in 2012, to refocus a UK biotech on selling novel prescription cough-and-cold products in the US, but Vernalis PLC's lower-than-expected sales of its lead marketed product has led to failure of the approach, and the company's board deciding to seek a buyer.
Ian Garland, the company's CEO and a strong advocate of the US-orientated commercial strategy, will step down as CEO and...