Imperial gets 9.5 mln stg as J&J buys UK biotech

LONDON, June 1 (BestGrowthStock) – Johnson & Johnson’s (JNJ.N: )
Centocor unit has acquired British inhaled drug specialist
Respivert, landing one of its backers — Imperial Innovations
(IVO.L: ) — a 9.5 million pounds ($13.9 million) cash windfall.

Respivert, which was founded by former GlaxoSmithKline
(GSK.L: ) executives and respiratory experts from London’s
Imperial College, is also backed by SV Life Sciences, Advent
Venture Partners and Fidelity Biosciences.

J&J did not disclose the price it was paying for the
business, but Imperial Innovations said the disposal had
delivered a 4.7 times return on its three-year investment.

Respivert is developing a new generation of inhaled
treatments for respiratory problems including chronic
obstructive pulmonary disease, cystic fibrosis and severe
asthma.

Stock Market Money

(Reporting by Ben Hirschler; Editing by Erica Billingham)

Imperial gets 9.5 mln stg as J&J buys UK biotech