Talk:Allen McClay

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Controversy around original investors in Galen

When Allen McClay founded Galen, he raised money by selling stock in holding companies representing regions of Northern Ireland to GPs from each area. The holding companies held stock in Galen itself. Some years later, the BMA issued an advisory notice for GPs to be careful around prescribing drugs made by companies in which they owned shares, and McClay used this to persuade a number of the investors to sell their shares in the holding company back to him. Some of the GPs held on to their shares in the holding company, though, because there was no legal need to divest.

The shares in Galen itself were all sold, later shares in different pharmaceutical companies, including Boots, were bought, then later sold, then later still shares in McClay's new veterinarian pharmaceutical company were held by the company and released. Eventually in the 80s the holding companies were closed down by accountants unqualified to do so, and investors were given small sums of money.

An attempt to have the companies reinstated, and all the share dealing by the officers of the holding companies investigated, failed at the first hurdle. — Preceding unsigned comment added by 80.2.10.233 (talk) 10:43, 31 July 2020 (UTC)[reply]