Bioglan goes into administration
Beleaguered pharmaceutical company Bioglan Pharma has announced it will appoint an administrator after succumbing to debt problems rooted in a failed acquisition.
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.