Galen shares set to drop as founder McClay sells 6.3% stake for €147m

GALEN founder and former president Allen McClay sold a 6.3% stake in the Northern Irish drugmaker for around £97 million (€147m) yesterday, sources close to the deal said. The sale spurred a drop in its share price.

Dresdner Kleinwort Wasserstein had placed the shares on Mr McClay’s behalf at 810 pence each, the sources said.

Both Galen and Dresdner declined to comment.