Salvage talks fail at Henderson Morley
AN ELEVENTH hour bid to save Birmingham-based biotechnology company Henderson Morley has failed, resulting in directors having to appoint administrators.
The Moseley company originally filed for administration late last month but talks had been taking place between directors Andrew Knight and Ian Pardoe and a third party in an attempt to salvage the business.
However, the discussions have collapsed leaving the firm with no alternative than to call in administrators.
In a statement to the London Stock Exchange, the company said: “Further to the announcements made on 27 August 2010, the company announces with regret that it has appointed joint administrators to Henderson Morley, as well as its wholly owned subsidiary Henderson Morley Research and Development Ltd.
“The company has latterly been in discussions with directors Andrew Knight and Ian Pardoe, and an external party to seek to effect a transaction which would have resulted in the company’s continuation, however no agreement could be reached.”
The Joint Administrators are Craig Povey, Kenneth Touehy and Kevin Murphy of Chantrey Vellacott DFK.
No announcement has been made regarding redundancies.
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Prior to administration, the company had been working on developing a pipeline of anti-viral drugs and vaccines and biological products to combat diseases in both humans and animals.
