Boris' MedCity champ itching for own float

Eliot Forster, head of the Mayor’s MedCity initiative, told the Sunday Telegraph he is eyeing a public listing for Creabilis, the Kent-based biotech he heads up.

Its drug, known as CT327, has shown promising results in mid-sized trials and the company is now planning a major phase three study to pave the way for regulatory approval. Creabilis forecasts that the drug could make more than $1bn (£600,000) a year if approved.

“We are exploring all options at the moment, but our ambition is to look hard at listing, if we can,” said Mr Forster, adding that he would prefer to float the company in London rather than New York.

Mr Forster said the target fundraising will depend on the scale of trial required to satisfy US regulators. He expects feedback from America’s Food and Drug Administration in the coming weeks.

The biotech sector has produced several successful IPOs this year, including the bumper £200m stock market debut of Circassia, an Oxford-based company developing a cat allergy drug.

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