Biocomps in £165m record sell-off

BRITISH biotech group Biocompatibles has sold its blood vessel-enhancing stents business to US pharmaceuticals giant Abbott Laboratories for £164.7m in cash.

The long-awaited deal will be the largest cash realisation by a quoted British biotech. But the shares surrendered opening gains, sliding 8p to 100 1/2p.

Abbott will now develop the stents, miniature medical devices that keep diseased blood vessels from closing during surgery.

Drugs that coat the stents to help blood vessels recover after complicated heart surgery have been difficult to develop. Biocompatibles' latest drug coating Batimasat has proved less effective than hoped.

Biocompatibles chief executive Crispin Simon said the sale would leave the group with 70 staff and around one-eighth of the previous business. It will receive undisclosed royalties from Abbott in licensing fees for its PC coating technology.