Bioglan of the UK is reportedly in negotiations to buy Bristol-MyersSquibb's skin care products business for up to $700 million in a deal that would make it one of the world's top five dermatology firms. A report in the Financial Times claims that the proposed deal would be funded through debt and Bioglan would pay around one-third of the purchase price on completion and the rest over several years.
Admits to being in talks
In response to the FT article, Bioglan issued a statement saying that it is "in negotiations with a global pharmaceutical company to secure a portfolio of established dermatological products which generated worldwide revenues of approximately $240 million in 2000."
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