IPSN0000426_036 - British Leader in biotechnology faces cash crisis - 17 Mar 1983

Article British leader in biotechnology faces cash crisis. States Speywood backers, which include BTG, have told the firm to cut back on research and make profit by next year or face closure. The dispute raises question whether Britains financiers are sufficiently visionary to decide the strategy for high-tech companies. A deal signed with Genentech for the mass production of Factor VIII opened up the prospect of supplying the world market for haemophiliacs, estimated at 200 million pounds per year, but Speywoods position as a fully equal partner is now at risk because Speywood and its backers could not agree on a long term strategy. At risk is Britains lead in blood protein GE technology. BTG and Prutec want Speywood to concentrate on technology it already possess for pigs blood. BTG is required by ministers to look to short term profits.