Ardana wants sale or merger

Published on Wednesday 20 February 2008 09:16

ARDANA, the Edinburgh-based biotech firm which employs around 30 staff, is seeking to either sell itself or secure a merger to allow it to maximise the value of its sales and product pipeline.

To help in that process – which follows a strategic review of the business undertaken in December 2007 – the group has appointed Piper Jaffray to act as an adviser.

Ardana, which specialises in human reproductive health, said it had also begun a restructuring programme to help reduce its cash commitments. Although the scaling down was unlikely to affect staff numbers, Mr Jones said the staff position would be less certain in the event of a sale.

Chief executive Huw Jones said that following talks with key shareholders, the board concluded the best option for the business would be through "seeking a sale or merger partner".