The British pharmaceutical group, Bioglan Pharma, which floated on the London stock market in December with a market capitalisation of more than £200 million sterling (€301 million), is to take a secondary listing on the Irish stock market. No new money is being raised with the Irish listing. Trading in Bioglan shares will begin in Dublin next Monday.

Bioglan is aiming to capitalise on the increased interest in Ireland in biotechnology and pharmaceutical stocks as a result of the performances of companies such as Elan, ICON and Trinity Biotech. Elan already has a Dublin listing, while ICON and Trinity Biotech - which are both listed on Nasdaq - are also expected to take a Dublin listing later this year.

Bioglan specialises in dermatological products for the treatment of skin conditions and has links with Elan, which has a 2 per cent stake in the British company. At the time of the London flotation in December, Elan paid Bioglan £7 million sterling for rights to a product which treats pain associated with osteoarthritis and eczema. A further £1 million will be paid by Elan dependent on sales of the product while Elan also paid £4 million for its 2 per cent equity stake in Bioglan.