PowderJect
PowderJect, was 'a vaccine, drug and diagnostics delivery company specialising in the needle-free, pain-free injection of drugs, biophamaceuticals, conventional and DNA Vaccines and diagnostics in dry powder form.'[1] It was 'originally spun out' from the University of Oxford in 1993 with the aid of Isis Innovation.[1] In 2003, PowderJect was acquired Chiron Corporation for $800m. In April 2006 Chiron was bought out by Novartis Vaccines and Diagnostics part of Novartis.[2] In 2002 PowderJect, 'was caught up in controversy... after winning a £32m smallpox vaccine contract from the government'.[3]
In 2003 PowderJect, 'headed by Labour donor Paul Drayson', was subject to a £542m takeover bid from US pharmaceuticals group Chiron - 'yielding a £100m windfall for Mr Drayson, his father-in-law and their families.'[3]
- Mr Drayson, the chief executive, who pumped £250,000 into PowderJect when he joined 10 years ago, will pocket almost £43m from his 8% holding. His father-in-law, Brian Bellhouse, the brains behind the company's much-hyped needle-free injection technology, will pick up £19.5m for his 3.6% stake, while the two men's family trusts will receive £41m of cash.[3]
Contents
Controversy
Papers detail Labour donor's vaccine deal
The Guardian reported:
- Paul Drayson, who has since become a life peer, made an estimated £20m for his company Powderject from the government's hasty purchase of smallpox vaccine in the wake of the terrorist attacks on September 11 2001.
- The documents show how Lord Drayson gained a crucial early advantage in winning the contract by securing a deal with the only manufacturer able to supply the vaccine quickly.
- The Whitehall files have been released because the health secretary, John Reid, has backed down after a clash with the parliamentary ombudsman, Ann Abraham. She called his refusal to follow her recommendation to publish the documents "a matter of great concern".
- The vaccine contract was mired in accusations of sleaze because Lord Drayson gave a second £50,000 donation to the Labour party while the government was deciding who should be handed the contract.[4]
Vaccine withdrawal
In 2002 PowderJect recalled its supply of BCG vaccine throughout the UK and Ireland after routine tests revealed that some batches were not up to specification.[5]
People
Affiliations
PowderJect was a donor to the Science Media Centre in 2002 and 2003 according to the SMC.[6]
Resources
- Steve Doughty Lord Moneyjabs: How Drayson fattened up his drug firm on the taxpayer - then made £80m selling it to Americans Daily Mail, UPDATED: 01:18, 16 June 2009.
Notes
- ↑ 1.0 1.1 Isis PowderJect Pharmaceuticals Plc - part of Novartis AG, accessed 18 August 2013
- ↑ Thomson Reuters Novartis acquisition of Chiron approved by Chiron shareholders, 19/04/2006, 2006, 6.28 PM CET
- ↑ 3.0 3.1 3.2 Geoffrey Gibbs £43m windfall for PowderJect chief The Guardian, Tuesday 20 May 2003 02.34 BST
- ↑ David Leigh and Rob Evans, 'Papers detail Labour donor's vaccine deal', The Guardian, 29 June 2004.
- ↑ Amy Frizell, 'Powderject withdraws anti-tuberculosis vaccine', The Independent, 9 August 2002.
- ↑ Data from Internet Archive holdings of the Science Media Centre website, 2002-2013.