Former GlaxoSmithKline boss to make return to public market

 
Kasmira Jefford
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A MEDICAL investment group chaired by the former boss of pharmaceuticals giant GlaxoSmithKline (GSK), Sir Richard Sykes, is due to float on London’s junior market next week.

NetScientific, which funds and develops and healthcare technologies from universities in Britain and the UK, is seeking to raise £30m on Aim, with shares expected to start trading on 16 September.

Liberum is advising on the float, which according to reports will value the company at £57.5m.

Sir Richard stepped down as chairman of GSK in 2002 after nine years at the helm to devote more time to his role as Rector at London’s Imperial College, a position that he held until 2008.

He spent four years as non-executive director of the mining firm Eurasian Natural Resources Corporation (ENRC) but was ousted in 2011 after a boardroom row over corporate governance.

The 71 year-old has chaired NetScientific since 2008. The company, founded by Farad Azima in 2006, hopes to use the funds raised through the float to launch two mature technologies next year.