Nycomed Amersham, the UK healthcare group, is expected to announce this week a Nasdaq listing of its life sciences joint venture with Pharmacia & Upjohn, the US drug group.
It could put a value of nearly $6bn on Amersham Pharmacia Biotech, which makes equipment to study genes and drugs. The APB flotation, set to be announced with Nycomed’s interim results today, would enable the UK company to raise cash to invest in its own drug research activities. Nycomed, which owns 55 percent of APB, declined to comment but it is understood to be planning to float about 10 percent of the company over the next few months.
The UK company wants to retain control of the business and Sir William Castell, its chief executive, is expected to remain chairman of ABP.
P&U is also believed to be keen to divest its 45 percent stake but could be prevented from selling a large part of the holding because of its merger with US rival Monsanto. Under pooling accounting rules, P&U could be barred from making large disposals for at least two years after the completion of the merger.
Some analysts believe that P&U could sell a stake of up to 10 percent in APB without breaking the rules.
APB produces machines that help scientists to discover new medicines by screening genes and chemicals to see if they have medical applications. Last year, the company had sales of L542.7m and trading profits of L134.1m. Reuters