News Column

PRESS: GlaxoSmithKline Spin-Off Convergence Considering IPO - FT

June 15, 2014

Hana Stewart-Smith

LONDON (Alliance News) - A spin-off company of GlaxoSmithKline PLC is considering a possible stock-market flotation after strong results for its new painkiller, the Financial Times reported Sunday.

Convergence Pharmaceuticals was spun off in 2010 when Glaxo restructured its research and development operations and is now considering raising GBP50 million to complete the development of its painkiller.

The company is set to reveal on Monday data from a mid-stage trial of its new drug, which handles a rare form of pain called trigeminal neuralgia, the report said.

Convergence Chief Executive Clive Dix said the company had spoken to London brokers about a potential flotation, the report said, and would also consider a US listing. Other funding options include further venture-capital investments.

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Source: Alliance News

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