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.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens