Galen has always had difficulty with the low level of liquidity in its shares and that has meant that even a company of its quality in a high-growth sector has struggled to attract the attention of the big US funds.

If the US funds can't buy and sell a million shares at the drop of a hat then they just aren't interested in a stock. With about 60 per cent of Galen's business coming from the US following the Warner Chilcott take-over, the company wants to take advantage of the higher profile it has across the Atlantic.

So it was no great surprise this week to see Galen's three senior directors offer 12 million shares for sale in a move that will net them a cool £100 million sterling (€167 million). Often, the market takes a dim view of directors selling shares but, in Galen's case, the market knows that the company had to loosen up its shareholding structure in order to get the investors in.

Even with the directors' combined stake falling to around 30 per cent, Galen is still a tightly held stock and further shares sales by Allan McClay in particular should not be ruled out.