Celltech boss set to step aside

PETER Fellner is to stand down as chief executive of Celltech, the UK's biggest biotech company, by the end of the year. Fellner, 58, will succeed John Jackson as non-executive chairman as soon as a successor is found.

A strong candidate may be finance director Peter Allen. His claim would be strengthened if Celltech seeks to bolster its share price by a merger with US collaborator Biogen.

Celltech shares rose 5p to 605p as Fellner told shareholders at the annual meeting that first-quarter turnover was ahead of budget.