Accountant set for multi-million pay-out
Chartered accountant and scientist to make £30m from sale of bio-tech company
A chartered accountant and his scientist partner are to earn £30m after
selling their company to bio-tech company, ML Laboratories.
The two, Rajan Uppal and Terrence Chadwick, bought Quadrant Technologies in
2003 and own a 64% controlling stake in the private company.
It has developed a method of stabilising drugs so they can be administered to
asthmatics via their inhalers, the technique understood to have prompted the
£46m offer from ML.
Uppal, 42, specialises in corporate finance and is understood to be the
business brains behind Quadrant. Chadwick, a former physician who develops new
formulations for drugs, is the creative force.
The two have accepted the offer from ML, which is likely to use Quadrant as a
basis of rebuilding its loss making business.