Bioglan Pharma, a pharmaceutical group with an Irish share quotation, has agreed to acquire a 19 per cent shareholding in Winston Laboratories, a private US company which manufactures pain control products, for $25 million (€24.6 million). The consideration is being financed through the placing of 3.9 million new Bioglan shares. They are being placed at a minimum price of 610p sterling per share (968 cents), to raise not less than £24 million sterling.

Bioglan said it believes the investment in Winston will extend the company's strategic move into the management of moderate and severe pain.

Winston is based in Vernon Hills, Illinois. Its latest results showed a net loss of $0.3 million in the year ended December 31st 1998. It had net cash of $1.1 million.