Angel Biotechnology making strategic growth moves
The company has set up a new subsidiary, ABL, to supply the collagen products since making the £200,000 purchase. Angel is also reportedly in advanced negotiations for a long-term supply contract with a ‘sizeable’ client for materials supplied directly from ABL.
The company’s executive chairman, Paul Harper, said that the purchase of the manufacturing plant in Glasgow and the formation of ABL were important moves for the company and demonstrated their growing strength.
"The formation of ABL provides significant strategic advantages to the group, and the distinctive competencies offered will provide a one-stop shop for companies in the regenerative medicine space,” he explained.
A company spokesman added ABL would allow them to target the specific collagen products area, where opportunities can be quicker to realise than in Angel’s core business. He said, “ABL will make a positive contribution to the group's earnings within the short to medium term.”
The news of the purchase saw Angel’s share price rise 13.6 per cent to 0.2 pence.