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.’
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