BusinessBusiness RecoveryKPMG finds Austrian buyer for Excell

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.

Link: KPMG steps in at Scottish biotech firm

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.’

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