Birmingham-based drug development company Henderson Morley has announced that, further to the announcement made on 23 January 2007, the company is continuing to explore strategic options in order to maximise shareholder value.

One of these options is the sale of some or all of the business, and the board has engaged advisers to assist with this process.

This process may or may not lead to an offer being made for the company. Consequently the company is considered to be in an "offer period" as defined in the City Code on Takeovers and Mergers, and dealing disclosure requirements will apply. 

During this process the scientific development programme and out-licensing strategy continues unaffected. The company will keep shareholders informed of progress in this respect.