Vernalis plc

{{short description|UK-based pharmaceuticals business}}

{{Use dmy dates|date=April 2022}}

{{Infobox company

| name = Vernalis plc

| logo = Vernalis_plc_logo_RGB_300dpi.jpg

| type = Public

| fate = Acquired

| predecessor = British Biotech, Vernalis Group

| successor = Vernalis Research

| foundation = 2003

| defunct = 2018

| location = Winnersh, UK

| industry = Pharmaceuticals

| key_people = Chairman: Peter Fellner (2003-2018), CEO Simon J. Sturge (2003-2008), Ian R. Garland (2008-2018)

}}

Vernalis plc was a UK-based pharmaceuticals business headquartered in Winnersh, with research in Cambridge, and with a Berwyn, PA, US-based commercial operation, Vernalis Therapeutics Inc., focusing on the sales and marketing of slow-release formulations of prescription cough and cold medicines. Tuzistra XR (codeine polistirex/ chlorpheniramine polistirex) was the first launched product which arose from this strategy,{{Cite web|url=https://www.europeanpharmaceuticalreview.com/news/34738/twice-daily-cough-syrup-tuzistra-xr-launched-in-the-us/|title=Twice-daily cough syrup Tuzistra XR launched in the US|website=European Pharmaceutical Review|language=en|access-date=2019-05-31}} however sales did not reach expectations.{{Cite web|url=https://www.proactiveinvestors.co.uk/companies/news/192346/vernalis-reports-slower-than-hoped-for-sales-of-its-cough-and-cold-drug-tuzistra-xr-192346.html|title=Vernalis reports ‘slower than hoped for’ sales of its cough and cold drug Tuzistra XR|date=2018-02-28|website=Proactiveinvestors UK|language=en|access-date=2019-05-31}} As a result, the strategy was abandoned and the company was put up for sale.{{Cite web|url=https://www.investorschronicle.co.uk/shares/2018/03/16/vernalis-puts-itself-up-for-sale/|title=Vernalis puts itself up for sale|last=Boxall|first=Megan|date=2018-03-16|website=www.investorschronicle.co.uk|language=en|access-date=2019-05-31}} Vernalis plc was listed on AIM until its acquisition by Ligand Holdings (UK) Ltd, a subsidiary of Ligand Pharmaceuticals, Inc. (NASDAQ:LGND) on 10 October 2018.{{Cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/VER/13750170.html|title=Recommended Cash Offer for Vernalis plc - RNS - London Stock Exchange|website=www.londonstockexchange.com|access-date=2019-05-31}}

Vernalis plc (formerly known as British Biotech plc prior to 1 October 2003), arose from two company mergers.{{Cite news|url=https://www.telegraph.co.uk/finance/2856769/British-Biotech-reborn-as-Vernalis.html|title=British Biotech reborn as Vernalis|last=Correspondent|first=Rosie Murray-West, City|date=2003-07-03|access-date=2019-05-31|language=en-GB|issn=0307-1235}} The first merger, with the privately held Cambridge-based RiboTargets Holdings plc, was completed in April 2003, and brought a structure-based drug discovery capability focused on novel cancer targets.{{Cite news|url=https://www.telegraph.co.uk/finance/2839924/British-Biotech-sets-sights-on-RiboTargets.html|title=British Biotech sets sights on RiboTargets|last=Mills|first=Lauren|date=2003-01-19|access-date=2019-05-31|language=en-GB|issn=0307-1235}} The second merger, with Vernalis Group, was completed in September 2003 and brought a marketed product, frovatriptan, a clinical portfolio and drug discovery programmes focused on CNS disorders.{{Cite news|url=https://www.thetimes.com/business-money/companies/article/british-biotech-to-take-over-vernalis-xpzv9j6fr3r|title=British Biotech to take over Vernalis|last=Correspondent|first=By Mark Court, Health Industries|date=2003-07-04|work=The Times|access-date=2019-05-31|language=en|issn=0140-0460}}

Its successful Cambridge, UK-based research facility, with expertise in fragment and structure-based drug discovery, continues as Vernalis Research. The company is engaged in research collaborations with pharmaceuticals industry partners, and maintains a pipeline of commercially partnered and non-partnered drug candidates in pre-clinical and clinical development.