Bioglan Pharma has revealed higher-than-expected levels of debt and disappointing trading figures, raising further doubts over its planned $765m skincare acquisition from Bristol-Myers Squibb, the US drugs group.

Shares in Bioglan, a speciality pharmaceutical company, fell a further 12 per cent yesterday to 206p after it issued a trading statement ahead of next month's interim results. The shares have lost 35 per cent in two days following Wednesday's resignation of ABN Amro as brokers after a disagreement over how to fund the BMS deal.

The loss of ABN Amro deprives Bioglan of a bridging loan arranged by the broker to cover the first payment for the BMS purchase, thought to be $200 million.

Mr Terry Sadler, chairman and chief executive, said the company planned to appoint a new broker very shortly. However, Lehman Brothers, understood to be Bioglan's preferred choice, said no agreement had been reached.