Galen founder in €34 million deal

GALEN founder Allen McClay’s personal spending spree on acquiring company assets rose to €277m yesterday when he spent €34m buying Galen’s Pharmaceutical Development and Manufacturing Services business (PDMS).

Dr Allen is selling off 4.28m of his shareholding in Galen to fund this latest deal, reducing his stake in Galen from 8.6% to 6.3%.

The cash deal is at the book value of the assets. Commenting on the disposal, NCB Stockbroker’s David Marshall said the PDMS business had sales of $17.8m in fiscal 2003 (year end September) comprising c.4% of 2003 group revenues.