Biotech conglomerate Celltech has been hit by rising premiums on its product liability and has put aside £3m a year to cover any future claims.
The company hopes to pay less for future cover by set ...
Biotech conglomerate Celltech has been hit by rising premiums on its product liability and has put aside £3m a year to cover any future claims.
The company hopes to pay less for future cover by setting up this insurance entity. It will now offer an initial lump sum of any justified claim brought against it for damage that might be caused by its products.
Chief executive Peter Fellner said the company planned to have £6m ring-fenced by the end of next year.
The warning came after the company said pre-tax losses had more than doubled to £35m for the six months to June and sent its shareprice tumbling 26p to 360p.
