[2] In 1996, despite having no compounds on or near the market, the company was temporarily valued at nearly $2.5 billion,[3] largely on the basis of its two main development drugs: marimastat (a novel matrix metalloprotease inhibitor for cancer treatment[4]) and lexipafant (Zacutex, for pancreatitis).
In February 1998, Dr Andrew Millar was dismissed as Head of Clinical Research and went on to make allegations that "the Board were running a business plan consistent only with extreme and unfounded optimism".
[5] These events were the subject of an inquiry by the House of Commons Select Committee on Science and Technology in August 1998 which absolved Dr Millar of any responsibility for the company's problems.
[5] Subsequent investigations by the Securities and Exchange Commission, Food and Drug Administration, London Stock Exchange and the European Medicines Evaluation Agency found that British Biotech had wilfully misled the public about the progress of marimastat[6] and that unblinding data before the end of clinical trials does not necessarily invalidate the results.
The British Biotech company name disappeared after this merger and remaining staff integrated into the new Vernalis plc organisation in Winnersh, Berkshire.