BusinessBusiness RecoveryBioglan puts up the ‘for sale’ sign

Bioglan puts up the 'for sale' sign

Bioglan Pharma, the embattled pharmaceutical company currently operating without a finance director, has confirmed it is considering buyout offers as agreements with other companies collapse around it.

A spokeswoman told AccountancyAge.com the company was up for sale and had received several offers which it was considering, but denied Bioglan was in administration or receivership.

The spokeswoman also confirmed the resignation of finance director Ann Simon, but said Simon would contine to ‘assist with the company’s finances’ until a new FD was found. The company says it is ‘actively looking’ for a replacement.

At the same time Bioglan is renegotiating its debt with the banks and is focusing on its core dermatological products.

Yesterday, Bioglan said drug delivery company SkyePharma wanted to put an end to its licensing agreement with the pharmaceutical. Bioglan added it did not agree with the terms of termination but said the two companies were ‘in discussions to try to resolve the situation.’

At the end of October, CeNeS pharmaceuticals also said it wished to terminate its contract with Bioglan.

Bioglan this week reported readjusted interim results to July 31 2001, after having issued interim results in October – earlier than scheduled – following the collapse of a deal with US pharmaceutical giant Myers Squibb.

But the report was not signed off by KPMG, Bioglan’ auditors, who expressed their concern over the company’s future and asked Bioglan to readjust the results.

Links

Bioglan told adjust accounts

New Bioglan FD quits

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