Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
New £200m contract for Mears
Social housing and domiciliary care concern Mears Group has won a £200 million, ten-year contract with Brighton & Hove City Council.
The partnership contract will involve providing upgrades, repairs and ‘comprehensive’ maintenance to the south coast council’s 12,500 homes under management and builds on fully-listed Mears’ existing repairs, gas servicing and maintenance contract for Brighton & Hove’s council houses. Bob Holt, Mears’ chief executive, says this deal takes the value of the company’s contract wins since April to £400 million and claims it ‘represents a significant move to a long-term partnership for Brighton & Hove’.
With a ‘strong pipeline of contact bids’, Mears’ partnership strategy 'continues to gain momentum’, he declares, adding ‘I look forward to bringing news of further contract awards soon’. At 227.5p, down from a12-month high of 330p but still above their 195p low, the shares reflect concern about future local authority spending, though the level of contract wins and the focus on ‘value for money’ in today’s austere public sector climate should continue to work in the company’s favour.
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