The company announced yesterday afternoon that discussions with banks concerning the restructuring of its debts had failed.
It added it had ceased trading and would petition the courts for an administrator.
The decision to go into administration came hours after California-based ICN Pharmaceuticals pulled out of rescue takeover talks to take on most of Bioglan’s debts.
The company’s demise began with its failed attempt to acquire the dermatology portfolio of US competitor Myers-Squibb for £535m ($765m). Bioglan is thought to have debts of up to £112m.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies