Former Neutec FD in insider dealing probe

THE former finance director of Manchester biotech business Neutec Pharma is being prosecuted by the Financial Services Authority in relation to its 2006 takeover by a Swiss firm.

Peter King is reportedly accused of insider dealing along with two senior corporate lawyers.

Andrew Rimmington, a former partner at the London office of US firm Dorsey & Whitney and Michael McFall, a former partner at another American law firm, McDermott Will & Emery, are due to appear with Mr King at the City of Westminster Magistrates Court next month.

A lawyer for Mr King has said: “He denies any wrong doing and wished to clear his name at the earlier opportunity.”

NeuTec was founded in 1997 with backing from 3i by husband and wife team Prof James Burnie and his wife Prof Ruth Matthews. It has developed drugs to fight hospital superbugs such as MRSA along with breast cancer and a strain of meningitis.

The £305m acquisition by Novartis earned the pair, who had a 7% stake in the firm, around £20m.