The talks will secure a deal believed to give Quintiles a 30% share in Bioglan through new share issues and would force founder and chief executive Terry Sadler to dilute his 35% holding in the company.
The British biotechnology company saw its financial health fail last year when it attempted to acquire US competitor Bristol-Myers Squibb’s skincare operation for $765m.
The takeover bid failed, leaving Bioglan indebted. It still owes £105m to a consortium of banks led by Royal Bank of Scotland.
Earlier this week, the British company sold its Danish generic drug makers to a Scandinavian holding company for £1.2m, the proceeds of which will be used to pay off creditors. The buyer also agreed to take on the Danish subsidaries’ £500,00 debts.
Bioglan, whose market capitalisation was £577m at its peak, is now worth only £2m.
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
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Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies