Ian Gowrie-Smith, the founder and former chairman of SkyePharma PLC, is to bow to shareholder pressure and stand down from the company's board, according to UK The Sunday Times.
The newspaper did not name its source, but said an announcement is likely to be made tomorrow.
Gowrie-Smith has been under attack from a group of shareholders who own about 14 pct of SkyePharma, and who are unhappy with the drug developer's underperformance.
The rebels are pressing for the appointment of Bob Thian as chairman in place of Jerry Karabelas, who has been a director of Skye for five years.
Karabelas and Frank Condella, appointed as chief executive last week, on Friday met Henri Meier, the former Roche finance director who controls a key 9.3 pct stake in the company through HBM Partners, his investment firm, the newspaper said.
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