Comeback for ex-Glaxo boss

FORMER GlaxoSmithKline chairman Sir Richard Sykes is returning to the pharmaceuticals sector two years after leaving the drugs giant.

The 61-year-old has been appointed chairman of Medeus Pharma, a new privately owned venture that today bought Elan Corporation's European sales and marketing business for $120 million (£63 million). The venture, backed by Apax Partners, wants to use Elan's marketing business to offer firms from outside the continent 'fast-track access' to Europe's pharmaceuticals sector.

Its product portfolio will inherit Elan's key drugs Abelcet, an anti-fungal treatment for hospitalised patients, and Myocet, a cardio-protective chemotherapy agent used in late-stage breast cancer.

Since leaving Glaxo, Sykes has been trying to attract more resources to Imperial College, London, where he was appointed rector three years ago.

He said: 'As an independent business, Medeus Pharma will be able to offer biotechnology and pharmaceutical companies outstanding access to the European market.

'We anticipate this to be of particular interest to North American and other non-European companies, with products of less than $200 million in peak sales.'

Bryan Morton, formerly with Merck and Bristol-Myers Squibb, will run Medeus Pharma as chief executive. Former PowderJect financial director Steven Harris will be chief financial officer.