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| Share Name | Share Symbol | Market | Stock Type |
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| Berkeley Scot | BGP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 22.59 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 22.59 |
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Posted at 23/7/2002 23:28 by hls4me HAPPY READINGKPMG counts the cost of Bioglan (Filed: 21/07/2002) The treatment of two closely timed deals made a big difference to one year's profits. But later the auditor revised its advice. Richard Fletcher unravels the pharmaceutical group's accounts January 31 2001 was a busy day for Terry Sadler, the chairman and chief executive of Bioglan Pharmaceuticals. It was the final day of the company's financial year and Sadler was putting the finishing touches to a series of deals. Deal maker: Terry Sadler's Bioglan was at one point on the verge of the FTSE 100 By that evening Sadler had completed two deals that boosted 2001 profits by millions of pounds, and was just hours from completing a third. As he celebrated, the former salesman had no idea that in just over a year Bioglan, the company he founded, would be bust. Rocked by the resignation of City advisers and allegations of aggressive accounting, Bioglan's bankers would pull the plug on Sadler in February 2002. Investors, who had seen Bioglan's stock market value reach £800m in 2000, would be left with nothing. This weekend The Telegraph can reveal the extent of the aggressive accounting at Bioglan and how, as the 2001 financial year drew to a close, Sadler sealed a series of apparently circular deals. An eight-page document, drawn up by Norton Rose, the City law firm and Bioglan's adviser, reveals how a series of transactions boosted profits on drug sales by $4m and licensing income by $6m. With stock markets gripped by a wave of accounting scandals, the document also raises questions about the relationship between auditors and the companies they oversee. On January 31 2001, Sadler was pulling off what looked like a very attractive deal. Rodlen, a newly created US-based company, agreed to pay Bioglan $6m for a licence to develop Biosphere, a drug delivery technology, and $5m for stocks of Zostrix, a pain-relief drug. Bioglan booked a $4m profit from the sale of Zostrix. According to Norton Rose, there was "$6m income" for Bioglan from selling the Biosphere licence. Click to enlarge Sadler, a 35 per cent shareholder, appeared to have secured two great contracts - yet another coup for the former salesman who bought Bioglan in 1985 by mortgaging his house and borrowing £30,000 on three gold credit cards. But the sale of the licence and stock was not the end of Bioglan's dealings with Rodlen. The very next day, on February 1 2001, Sadler agreed to invest $13.3m for an 18 per cent stake in Rodlen, which was owned by a company called Winston, whose 19 per cent shareholder was none other than Bioglan. To non-accountants the timing of transactions may not seem significant. But completing the investment in Rodlen just a few hours later than the Zostrix sales and the licensing deal would have a marked effect on the figures Bioglan was due to disclose to its shareholders a few months later. The point is that the $11m generated from the sale of Zostrix and the licensing of Biospheres to Rodlen would be in the 2001 accounts - boosting profits and revenue. But if the $13.3m investment in Rodlen was treated as a separate transaction in the next financial year, the effect of the investment on the company's balance sheet would not show until the publication of the 2002 figures, a whole year later. KPMG, Bioglan's auditor, agreed that the sales and the investment were unrelated. The accountancy firm, which earned £377,000 in consultancy fees and £173,000 of audit fees from Bioglan in 2001, allowed the deals to be treated as separate. There was a note in the final pages of the 2001 accounts disclosing that Bioglan had invested $13.3m in Oncovir (later renamed Rodlen) after the year-end, but this note did not mention the Zostrix and Biospheres deals. That is not where it ended, however. Several months later, following the resignation of Peter Johnson, the newly appointed finance director of Bioglan, after just six weeks in the job, KPMG had a change of heart. KPMG says that new information came to light. "Facts arose that led us to qualify our opinion," the firm told The Telegraph. "We spelled these out to shareholders in October." Anyway, the Norton Rose document says that in September 2001 KPMG "raised a number of accounting issues" with the bio-tech firm. Norton Rose says the auditor was no longer certain that the deals struck on January 31 and February 1 were separate transactions and believed that the accounts should be restated. The fact that the contract dates were so close and that the transactions were completed so near to Bioglan's year-end were now a concern to KPMG. The auditor also regarded it as significant that payments between Rodlen and Bioglan had been netted off. On March 26 2001 Rodlen owed Bioglan $11m for the licence and stock and Bioglan owed Rodlen $13.3m for its 18 per cent stake and $1m for a separate European licence. In order to avoid "unnecessary transfer of funds, transaction costs and exchange rate risks" Bioglan paid Rodlen $3.3m. In other words, $11m of revenues in the 2001 financial year were generated for Bioglan through its dealings with Rodlen booked on January 31; on February 1, Bioglan agreed to inject $13.3m into Rodlen; it booked a substantial profit from these $11m of revenues; but it ended up making a net cash payment to Rodlen of $3.3m. The Norton Rose paper also says that KPMG had become worried that Rodlen's own accounts revealed that the US-based firm did not have the funds to "satisfy its financial commitments". KPMG recommended changes in Bioglan's accounting policies and argued that Bioglan's 2001 accounts should be restated. KPMG no longer believed that the $11m generated from the Rodlen deals was "realised profits". "This would have a very significant impact on B's [Bioglan's] reported profits," wrote Stephen Rigby, a partner at Norton Rose. Sadler was apparently unimpressed. He insisted that the string of deals with Rodlen were not linked. In a letter to KPMG on September 17 2001 he argued that the deals were a series of "independent separate transactions". Adjudication was required. On October 3 2001 Norton Rose sought advice from counsel on whether "it was a reasonable view to treat the transactions as separate". A fortnight later Bioglan restated its 2001 results. On the new accounting approach, turnover fell £15.8m to £84.8m. Bioglan, which had originally reported a £12.5m pre-tax profit for the year ending January 31 2001, now said that it had made a pre-tax loss of £35.7m. Just a few short months later, this former high-flyer was in the corporate graveyard. |
Posted at 13/5/2002 23:12 by dag1967 Benjuya, here is the RNS :RNS Number:8045V Skyepharma PLC 13 May 2002 For Immediate Release 13 May 2002 Re-license of Solaraze European rights to Shire for up to £15m and Acquisition of Bioglan's drug delivery technology portfolio LONDON, 13 May 2002 -- SkyePharma PLC (LSE:SKP / NASDAQ:SKYE) today announced its agreement to transfer all rights to market Solaraze in Europe to Shire Pharmaceuticals (LSE:SHP / NASDAQ:SHPGY / TSE:SHQ CN) (Shire) for a total consideration up to £15 million. Of this, £2.1 million is contingent on conditions including Solaraze's launch in certain European countries. In addition, SkyePharma will receive royalties on all European sales from Shire. European marketing rights for Solaraze were previously licensed to Bioglan Pharma PLC (Bioglan) whose affairs were placed into administration on 21 February 2002. Solaraze is a topical therapy for actinic keratosis, an under-treated, pre-cancerous skin condition that may result from excessive sun exposure. The product is approved for marketing in five European countries, and was launched in the UK, Germany and Sweden by Bioglan during 2001. Also announced today, Bioglan's administrators have sold Bioglan AB, its Swedish subsidiary, to Wilh. Sonesson, a Swedish healthcare company. In a separate transaction, SkyePharma has acquired from Bioglan AB its entire drug delivery business for UK£2.8 million in cash, additionally assuming approximately UK£1.1 million of net liabilities. The acquired rights include Bioglan's Biosphere technology and those rights to DermaStick, Crystalip and ES-Gel topical drug delivery technologies that remained with Bioglan after a January 2001 development and commercialisation licensing agreement with SkyePharma. Michael Ashton, SkyePharma's Chief Executive Officer, commented, "Shire's strong European marketing credentials will ensure the rapid market expansion for Solaraze in this important territory. With this agreement in place, we can now look forward to a focused campaign highlighting Solaraze's ease of use, safety and effectiveness in treating this growing medical problem." "At the same time, we are pleased to have acquired the remaining rights from Bioglan's topical drug delivery business. It is our belief that the combination of these technologies with our own will create arguably the broadest, most versatile skill set for delivering drugs onto or into the skin." "With regard to the Biosphere injectable technology, it will complement our DepoFoam sustained release injectable expertise in providing additional delivery options for proteins and peptides." This press release may contain forward-looking statements regarding SkyePharma PLC. Actual results may differ materially from those described in the press release as a result of a number of factors, including but not limited to the following: There can be no assurance that Solaraze will be successfully manufactured, or that patient and physician acceptance of Solaraze will be achieved. The Company undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release. For further information please contact: SkyePharma PLC +44 (0)207 491 1777 Donald Nicholson, Chief Finance Officer Valerie Tate, Head of Investor Relations Sandra Haughton, US Investor Relations +1 (212) 753 5780 Buchanan Communications +44 (0)20 7466 5000 Tim Anderson / Nicola How Notes to the Editor SkyePharma PLC, one of the world's leading drug delivery companies, provides innovative services to major pharmaceutical partners from the point of drug discovery through the approval process. Its five technologies, oral, injectable, inhalation, topical, and nanoparticulate solubilisation encompass the vast majority of delivery systems in use by the pharmaceutical industry. For more information, visit www.skyepharma.com. Shire Pharmaceuticals Group plc is a rapidly growing international speciality pharmaceutical company with a strategic focus on three therapeutic areas - central nervous system disorders, oncology and anit-infectives. Shire's core strategy is based on research and development combined with in-licensing and a focus on eight key pharmaceutical markets. For further information on Shire, visit www.shire.com. Topical Drug Delivery Technologies Crystalip enhances stability of drugs by embedding them in lipid crystals. Suitable for hydrophilic or hydrophobic drugs, the drug is released as the lipid melts at skin temperature. DermaStick presents the active ingredient in a wax stick, which facilitates controlled application to affected skin. ES Gel is a semi-solid formulation producing enhanced solubility of drugs and providing substantially increased bioavailability by the transdermal route. Biosphere The Biosphere drug delivery system provides sustained release of injectable proteins and peptides. The first human administration of coated and un-coated starch Biosphere microspheres containing no active drug took place in 2001. The study, involving sixteen subjects, is complete and no significant adverse reactions were reported. This information is provided by RNS The company news service from the London Stock Exchange |
Posted at 22/2/2002 20:30 by devil20 Carlos(Rio). The whole share market is in turmoil. Barclay Capital believes many investors will move their money out of shares and into corporate bonds over the next few years and Bunny Snack(Warren Buffet!) said a year or 2 ago that he saw nothing but doom & gloom for the share market for the next 5-10 years. Practically everything has gone down over the past year or so. Its a very dodgy time to invest. Having said that many believe now is a good time to buy some shares. Can I give you a bit of advice? Never take advice from anyone else to buy a share. Do your own thing. Of course hear/read and take in opinionsbut in the end its you who has to make the decision and live with the results. This is NOT advice but check out Alldays. So low at the moment and as much chance of surviving as many others. But do read many back-posts. It will give you an insight to the way things are going. Regards(Y SALUDOS!) Mike. |
Posted at 21/2/2002 10:06 by salpara111 Sorry for all the holders but you will get nothing.If a structured deal could not yield a big enough offer to even cover debt there is no way that the banks will see even 50 pence in the £ back now and that means nothing for the shareholders. As someone who has studied finance at degree and masters degree level, I often wonder how many private investors out there realise just where they rank in a list of creditors under such circumstances and yes you are right it is somewhere below the factory cat. This company was brought to my attention about 6 months ago by some doctor friends who had invested in it. Fortunately I am becoming a little better at sniffing out the really bad ones and managed to avoid investing but kept watching in order to learn more about companies in difficulty. I guess the most valuable thing any shareholder can take away from this is the lessons learned in order to avoid a similar situation again. Bye everyone. |
Posted at 01/2/2002 17:51 by sjc LONDON (AFX) - A Bioglan Pharma PLC share issue would probably create someshare price weakness, but this would represent a strong buying opportunity, according to WestLB Panmure analyst Emma Palmer. A press report that Bioglan's institutional shareholders are putting pressure on the company to make a 200 mln stg share issue to fund the acquisition of Bristol-Myers Squibb's skin-care arm saw Bioglan's shares fall to 390 pence at the outset. By 11.04 am, however, the stock had rallied to show a gain of a 1/2 at 398 as dealers adopted a more positive stance on a possible share issue. The 484 mln stg acquisition would give the company a much bigger presence in the US and turn it into one of the UK's largest independent drugs companies. The company's plan to finance the deal via increased borrowing, however, has triggered worries about the resulting high level of debt. Since the deal has not yet been finalised -- and there are no guarantees that it will happen -- there are no details and any comments made are speculative, said Palmer. However, since the number of shares needed for the suggested 200 mln usd upfront payment would increase issued capital by a third at present levels, the analyst expects there to be some price weakness and believes that this represents a strong buying opportunity. An initial payment of 200 mln usd would increase gearing to 167 pct from the current level of 60 pct. The press rumours suggest that institutional investors are unhappy with this level of gearing and are instead pressurising the company to issue new shares. fjb/jsa For more information and to contact AFX: www.afxnews.com and www.afxpress.com Bioglan Pharma(BGP) GB0004342670 C(p) -1.25 C(%) -19.231 C 5.25 B 5.0 O 5.5 H 6.25 L 4.75 Op 5.75 V 3,238,599 T close A GOOD CALL EMMA. |
Posted at 09/1/2002 23:29 by mali7 If there was some institutional buying then the price might have jumped up, but it's mainly private investors buying considering the amount of shares bought. |
Posted at 08/1/2002 17:45 by saturn5 market makers rely on thisthey say that small investors always buy high and sell low |
Posted at 08/1/2002 10:54 by mali7 Finally the so long waitied product is launched!!!Obviously BGP will not get the whole credit for it but will recieve a continued revenue stream. BGP still markets it alone in Europe where it says it's beaten it's own sales target. It should mean increased revenue as was also represented in their last results. Anyway the January bank extension will be increased to end of march, I believe, because in todays announcement BGP confirms it has enough cash and resources until march, which is the end of it's financial year. Also good comment by: SkePharam CheifExecutive comment: "Having Bioglan, with their strong US presence in dermatology, supported by Quintiles, with their expertise in pharmaceutical sales and marketing, gives me considerable confidence for the future market potential of Solaraze." BGP has good product range where these now must start bring in cash for the company, and debt and the previous losses are mainly because of licence fees, but know these products need to show that they are a succes. BGP has one extremely good thing, which is an excellent sales force!!! Now if BGP could update us with results of the initial sales of solarez in USA and how it has been recieved by the US market, and if they can show increased revenue, which hopefully should bring some profit then that would confirm their survival to the institutional investors as well as making the banks happy. Finally I am not saying the shares should jump up today, but buy after YOR and this is only a continued step towards recovery. |
Posted at 21/12/2001 09:28 by semorgan If this Company/Stock was dead, why are people still buyingWould you invest £2000 (known) or £4794 (Pos) at 08:XX this Morning is so 08:39:33 11.398p 11p 11.5p 10,000 £1,140 BUY O 08:37:15 11.5p 11p 11.5p 17,391 £2,000 BUY O 08:24:13 11.398p 11p 11.5p 3,000 £342 BUY O 08:21:14 11p 50,000 £5,500 DLY O 08:18:15 11.398p 11p 11.5p 3,862 £440 BUY O 08:18:02 11.098p 43,197 £4,794 DLY O 08:14:24 11.25p 25,000 £2,812 DLY O Watch this space, I reckon it will go down to 10 or even 9p before any FINAL decision is made, thats because SMALL £200 ish investors need a new shirt |
Posted at 17/9/2001 20:10 by biomax Money Shifts From Biotech to Pharma as Investors Get Defensive By Adam Feuerstein Staff Reporter 09/17/2001 02:04 PM EDT As expected, health care investors took money out of the risky biotech sector and moved into more defensive drug stocks in Monday trading. At 12:45 p.m. EDT, the American Stock Exchange Biotech Index was down 26.40, or 5.3%, to 474.18. Given the circumstances, the selloff could have been worse -- a 5% drop in the biotech sector is not an uncommon occurrence. The American Stock Exchange Pharmaceutical Index was up 3.90 to 385.89. |
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