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The BioIndustry Association (BIA) today welcomes the formation of Convergence Pharmaceuticals, a new biotechnology company spun out from assets developed by GlaxoSmithKline. The new company has Phase I and Phase II clinical programmes in development and a pipeline of six earlier stage compounds targeting severe unmet medical need in chronic pain.
The BIA is also proud that Dr Clive Dix, BIA Board member and former Chairman, has been appointed Chief Executive of Convergence Pharmaceuticals enabling him to recycle his considerable experience in creating successful companies. Indeed, creating an environment which encourages the recycling of talented management and more spin-out activity in the UK has been core to the BIA’s efforts with government in recent years, both through the work done on the Review and Refresh of Bioscience 2015 and across the industry with the Office for Life Sciences.
Nigel Gaymond, BIA Chief Executive said:
“It is great to see GSK spinning out assets and creating companies in the UK. We have seen how successful the spin-out model can be in other European countries and I certainly hope that this is one of many high profile, well funded, new companies to be spun out in this way in the UK. I wish Clive and his team at Convergence Pharmaceuticals every success for the future, for patients and for UK PLC.”