Biacore extends top management
12/14/1999 9:19 AM EST
BIACORE EXTENDS TOP MANAGEMENT
Lars-Göran Andrén Appointed Executive Chairman
Biacore (SSE: BCOR; Nasdaq: BCOR) plans to further focus its business
towards markets with high growth potential, especially products for
research, development and other applications within the pharmaceutical
industry. In recent years it has become clear that Biacore's biosensor
technology can meet many of the pharmaceutical industry's needs for new
tools to reduce the time and cost of discovering and developing new drugs.
As communicated earlier, Biacore has already allocated a major part of its
R&D resources towards products for the pharmaceutical industry.
Collaboration agreements to further develop Biacore's technology have also
been signed with Bioreason Inc., Boehringer Ingelheim Pharma KG and
Millennium Pharmaceuticals, Inc.
In order to provide optimal resources for intensified business development
activities and to make certain that Biacore capitalizes on identified new
business opportunities, the Board of Biacore International AB has today
decided to extend the Company's strategic management. Biacore's current
President and CEO, Lars-Göran Andrén, will be appointed Executive Chairman
and a new President and CEO will be recruited. In his new role, Lars-Göran
Andrén will focus on the effective development of new business areas
within Biacore, with particular emphasis on partnering and collaborations.
Donald R Parfet, who is currently Non Executive Chairman, will remain on
the Board as a Non Executive Director and Deputy Chairman. The changes
will take place as soon as the new President has taken up his position.
"This decision is a reflection of the outstanding contribution Lars-Göran
has made in building Biacore into a successful international organization
and is also in recognition of the need to further strengthen the executive
management team, in order to fully realize the potential inherent in
Biacore's affinity biosensor technology. I am looking forward to working
with Lars-Göran in his new role and to welcoming the new President on
board," said Donald R Parfet.
Lars-Göran Andrén commented, "I will be delighted to assume the
Chairmanship of Biacore, particularly at a time when we are working to
capture the major opportunity which exists for its technology in the area
of drug discovery. This new business area will be the next major market to
be developed for our affinity biosensor technology and will complement our
current dominant position in the life sciences market. The application
potential of our technology across the pharmaceutical R&D value chain is
significant and it is important that we have the commercial strength and
focus to ensure we capture this opportunity. I am pleased to have the
continued support of our leading shareholder, Pharmacia & Upjohn, as we
take Biacore forward into its next major growth phase.
"We recognize that it may take some time to find someone with the right
experience and strategic outlook to complement our existing management
strengths, but we believe this appointment is important if Biacore is to
fully maximize the returns on its investment," he said.
For further information, please contact:
- Donald R Parfet, Chairman, tel +46 708 476807
- Lars-Göran Andrén, President and CEO, tel +46 18 675701
or +46 708 540234
Press Enquiries:
- Nikul Odedra, HCC.De Facto Group, tel +44 (0)207 496 3300
Biacore is a global market leader in affinity-based biosensor technology.
Target groups consist primarily of medical and life science research
laboratories. However, expansion is also being pursued in other areas,
such as food analysis. Biacore had sales of SEK 288.8 million in 1998 and
an operating income of SEK 52.8 million. Based in Uppsala, Sweden, the
company is listed on the OM Stockholm Exchange and Nasdaq in the U.S.
Further information on Biacore can be found on the web: www.biacore.com
Address and phone: Biacore International AB
Rapsgatan 7
S-754 50 Uppsala
Tel: +46 (0)18-675700
Fax: +46 (0)18-150111
e-mail: