Avecia decides to spin out specialist pharma company
Avecia is planning to spin out part of its pharmaceutical technology portfolio by the end of the first quarter of this year.
Avecia is planning to spin out part of its pharmaceutical technology portfolio by the end of the first quarter of this year.
The new company, to be called Reaxa, will focus on added-value innovation and cleaner chemistry to reduce the time, cost and environmental burden of new drug development.
Reaxa will be a joint venture between Avecia, Professor Steven Ley of Cambridge University, and the Reaxa management team, led by ceo Dr Peter Jackson, who will retain his role as Avecia Pharmaceuticals' vice president for pharmaceutical products. Avecia will be the major shareholder in the new company, alongside private investors, Professor Ley and the management and staff.
The new company will have dedicated commercial, manufacturing and r&d facilities within Avecia's headquarters in Manchester in the UK. Its portfolio will be based around Avecia's Pd EnCat encapsulated palladium catalyst technology and product family, including QuadraPure chemical and metal scavengers, and QuadraGel synthesis support resins. In the longer term r&d efforts will concentrate on development of new technologies and larger scale synthetic routes to pharma products. Avecia will retain the rest of its pharmaceuticals portfolio.
Besides Dr Jackson as ceo, the team will include Dr David Pears as chief technology officer and Dr Angela Morris as director and company secretary. Dr Ian Baxendale of Cambridge University will provide technology consultancy and Professor Ley will chair the scientific advisory board. Eight science and technology employees will transfer to Reaxa from Avecia.
Reaxa will have a strong technology pipeline, including supported reagents and catalysts, immobilised biocatalysts, drug conjugation technology and PEGylation. Several products are expected to be launched during 2005.