Biotech firm Vernalis' new CEO pledges change

By Ben Deighton

LONDON (Reuters) - Vernalis (VER.L) on Friday appointed the former management team from Acambis to head the British biotechnology company, and the group's incoming Chief Executive promised significant changes.

Ian Garland -- who headed vaccine maker Acambis when it was sold to Sanofi-Aventis SA (SASY.PA) for 285 million pounds earlier this year -- said Vernalis would grow by acquisitions under his leadership.

"A key element of my strategy will be to grow Vernalis and it won't necessarily be entirely around what it is today," Garland told Reuters in a telephone interview.

"I think we are looking for opportunities in a market where there are lots of opportunities outside Vernalis as well," he said, referring to possible acquisitions.

He said it was premature to speculate in detail about the company's strategy, or whether it would move away from biotech.

However, when asked if the shift in investment capital away from the biotechnology model of regularly needing to raise cash would mean a shift in focus for the company, Garland said:

"We've got to look and make sure that our strategy then marries up with where investors' interests are. You have to then have a strategy that takes into account constraints in the capital markets."

Investors welcomed the appointment of Garland, who will take up his appointment next month. He will be joined at Vernalis by the former Chief Financial Officer from Acambis, David Mackney, who becomes finance chief at Vernalis from February.