Sep 17 2010
An Australia-based medical diagnostics firm, Universal Biosensor’s CEO, Mark Morrisson’s retirement has stimulated presumption in the entire industry that the company may be on sale.
David Blake, Bioshares investment advisor in Melbourne stated that if Mark Morrisson has moved then Universal Biosensor could be sold. Johnson and Johnson could be a candidate as the company possesses 12% of UB shares. Blake added that UB’s blood glucose level monitoring strips were of great value to J&J.
UB has a joint association with LifeScan, which is a multinational subsidiary of J&J in Australia. Both the companies introduced LifeScan OneTouch Verio, which is an Australian improved diabetic management system. The product has been launched in Netherlands and was marketed in Europe in January, 2010. J&J’s spokesperson in Australia said that the company did not remark on the market speculation.
Other probable buyers who are also share holders in UB include Principals Cornerstone Fund and CM Capital.
Mark Morrison, while declaring his retirement to ASX remarked that LifeScan OneTouch Verio had a huge market in Australia and Europe and that UB has successfully accomplished a remarkable process in its improvement, and a modified set of skills is required to facilitate its further development and growth.
A global official search has already been initiated for the position of Morrisson and in the mean time, Andrew Denver, chairman, UB will be assigned as the interim CEO and executive chairman of UB.
Source: www.universalbiosensors.com