UTEK Corporation acquires Pharmalicensing

4th January 2008

Bridgehead International has announced today the sale of Pharmalicensing Ltd. ("Pharmalicensing"), to UTEK Corporation, an AMEX and LSE-AIM listed company focused on technology transfer.

Bridgehead acquired Pharmalicensing in June 2003 to strengthen the company's service offering in the licensing and alliances space. Over the past four years, Pharmalicensing has reinforced its position as a leading provider of business development support to the biopharmaceutical industry, through the company's
on-line resource centre, Pharmalicensing.com. During this same period, Bridgehead has also seen its consultancy business change significantly, with a shift away from licensing support projects and significant growth in higher value consultancy activities in Market Access and Technical and Commercial Evaluation and Due Diligence.

As a result of the strategic review, undertaken in quarter II 2007, Bridgehead's senior management team agreed upon a number of key steps to accelerate business growth prior to creating liquidity for shareholders within the next 3-5 years. These included:

• Focus of growth plans on Market Access
• Consolidation of the Technical and Commercial Evaluation, Strategy Consulting and Licensing and Alliances groups into one business unit
• Creation and staffing of Market Access teams based in two strategic locations - London and the US
• Reinforcing the position of Healthcare Education Services as a leading provider of therapeutic training courses.
  
  

  In addition, the Pharmalicensing business was highlighted as an area that did not fit with Bridgehead's longer-term strategic aims and was, therefore, considered a target for divestment. In implementing this decision, however, Bridgehead has been keen to identify potential partners with the ability to further develop the Pharmalicensing business.

  Bridgehead are obviously delighted with the successful conclusion of the divestment process, which has been lead by Bridgehead Chairman, David Alcraft and believe that UTEK represents pretty much the perfect partner for Pharmalicensing.

  Commenting on the deal, Clifford M. Gross, UTEK's Chief Executive Officer stated that "we believe that the acquisition of Pharmalicensing fits our strategy of becoming the leading provider of Open Innovation services and expands our existing operations within the UK market. We look forward to the opportunity to integrate and grow the business with UTEK's unique technology transfer capabilities".

  Bridgehead wishes Pharmalicensing and UTEK every future success.

Contact: +44 1664 503 700, infomelton@bridgehead.com or visit us at www.bridgehead.com