Amrad shareholders stock up

Some of Amrad's larger shareholders are boosting their holdings in the Melbourne company (ASX:AML), as long-time Japanese investor Chugai divests itself of its 10 per cent stake in the company.

Yesterday the Queensland Investment Corporation -- a major institutional player in Australia's biotechnology sector -- filed documents with the ASX indicating that it had increased its holdings from 5.45 per cent to 10.495 per cent.

And today, the Thorney group, run by multi-millionaire Richard Pratt, said it had raised its stake in the company from 9.14 per cent to 11.88 per cent.

Chugai retains a 2.52 per cent share of the company, making $4.3 million out of the sale of its shares.

The relationship between Amrad and Chugai stretches back 10 years, over which time the Japanese company invested about $20 million into Amrad. But the joint research contract came to a natural end last year when its term expired.