Vultures circle as ailing Bioglan goes on sale

The demise of Bioglan Pharma, which was worth almost £1 billion sterling on the market earlier this year but is now valued at…

The demise of Bioglan Pharma, which was worth almost £1 billion sterling on the market earlier this year but is now valued at just £12 million after a Baltimore-like collapse, has meant that the group has been forced to put itself up for sale. Bioglan, for some reason Current Account could never quite fathom, has a secondary listing on the Irish market.

But now, with Bioglan under pressure to renegotiate its £111 million debts by the end of the month, the vultures are circling. Most of the usual suspects are expected to throw an eye over Bioglan and particularly its core dermatology business.

Elan and Galen are two names mentioned, but this would represent a departure into an area of the industry where they do not currently have a big presence. Still if the price is attractive enough. . .