Technology entrepreneur sells out to US firm

Feb 26 2010 by Peter McCusker, The Journal

NORTH East technology entrepreneur Ian Shott is £6m richer after selling the business he built up over the past six years for £12.5m to an American drugs firm.

Newcastle-based Shott created Excelsyn in 2004 when he snapped up the Great Lakes Chemical Corporation’s plant in Holywell, North Wales, for a seven-figure sum.

Shott’s success in developing the business attracted the interest of US drugs firm Albany Molecular Research Inc (AMRI) and an offer to buy Excelsyn for has been accepted.

Shott will stay on as a consultant and continue to assist with customer relationships in the UK and business development on the continent.

He said: “We are excited to be joining the AMRI team. We will continue to provide the high-quality services and products Excelsyn has built its reputation on, and we can now offer the expanded technologies, locations and cost structures that make AMRI the leader in the provision of integrated contract outsourcing.”

Shott, current chairman of North East-based life science agency CELS, says he is bound by clauses in the sale which prevent him from launching a competitor business for two years.

However, he has not ruled out a return to the business world saying he would consider investing alongside a private-equity partner if the right opportunity came along, and hinted at becoming involved in something bigger than Excelsyn but wouldn’t elaborate.

Excelsyn provides bespoke chemistry services to customers in the pharmaceutical and biotechnology sectors.