Verona Pharma Moving Headquarters To Wales

Verona Pharma is currently based in London, but the company will be moving its headquarters to Wales. The company focuses on researching and developing treatments for respiratory diseases, and has a variety of different drugs in clinical trials. The move is due to an investment deal with the Wales Life Sciences Investment Fund worth £100 million. The fund is manages by Arthurian Life Sciences.

Sir Chris Evans, who heads Arthurian Sciences, is excited about bringing Verona to Wales. “We are delighted that we have a great pharmaceutical company like Verona coming to Wales. This is one of the greatest things I have done in Wales in the last few years. In the last couple of deals [Arthurian] we have brought to Wales some of world’s biggest investors in the sector such as Abingdon, who have hundreds of billions in funds. It really is a case of wow that these leading funds are coming to Wales for the first time and there is more [co-investment with Arthurian] to come. Verona has the potential to be worth hundreds of millions in value. We have invested roughly £10m from the fund to date. But the value added is that this has brought more than £50m in cash into Wales from our co-investors. With 10% of the population in Wales suffering from a respiratory disease bringing this world class company here is  particularly relevant.”

Verona Pharma’s new headquarters will be located in Cardiff. The company is working on new drugs for respiratory diseases such as chronic asthma, severe cough, and chronic obstructive pulmonary disease.

Source: http://www.walesonline.co.uk/business/respiratory-disease-drug-company-verona-6780003