The wellcome share offering: Part one -- Strategy

Paul Stonham

European Management Journal, 1993, vol. 11, issue 2, 158-168

Abstract: In 1992, Britain's number one medical research charity. The Wellcome Trust, made the largest fully-paid non-privatisation secondary offering of shares ever to take place on the UK Stock Exchange and internationally. Since the Trust was the dominant shareholder in the drug company Wellcome pic, such an offering was clearly of major strategic importance to both organisations. Paul Stonham explores the strategic thinking behind this giant share sale and concludes that it provided attractive benefits to the Trust and the Company.

Date: 1993
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