Amrad MD resigns over poor share price

Resentment over a poor share price performance has culminated in the resignation of Australian Amrad Corp's managing director, only two weeks after the biotechnology firm had announced a A$168 million ($110.8 million) drug development deal with Merck & Co.

Sandra Webb's resignation was unexpected and, apparently, there had been no discussion with her about the firm's share price. Chairman Olaf O'Duill said he was unhappy that Amrad's share price barely equalled net asset backing, even after the massive deal with Merck to develop an asthma treatment, but said the company would now be looking for a chief executive better able to market the value of its research.