KPMG finds Austrian buyer for Excell
KPMG's corporate recovery team has announced that it has sold off Excell Biotech to an Austrian-based company.
Excell, which manufactures and distributes biotechnology products to the pharmaceutical industry, went into receivership last month.
A lack of funding from its Canadian parent QBiogene, was blamed by many for the reason it run out of cash.
Twenty-three jobs were lost.
However, now it has been snapped up by Intercell, a Vienna-based drugs firm, for a sum thought to be around £4m.
Intercell said it would use its new acquisition, in Livingston, as part of its in-house development programmes.
Blair Nimmo, KPMG’s head of corporate recovery, said: ‘It was important to arrange a quick sale to a company that knew what it was doing, and we believe we have done that.’