Galen Holdings to dispose of CTS

Published: 15-Jun-2002


Galen Holdings has agreed to dispose of its Clinical Trials Services (CTS) business, part of its pharmaceutical services division. The business is being sold for £130m (€206m) to companies under the control of Dr Allen McClay, the founder and a former president and director of the company. The deal is conditional upon the approval of Galen's shareholders.

The disposal is part of the company's ongoing strategy to focus on its faster growing pharmaceutical products business, freeing up additional resources for its growth plans through the sale of its non-core pharmaceutical services businesses. Last December Galen disposed of its Chemical Synthesis Services.

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