Bioglan Pharma, the UK specialist pharmaceutical company, has hired Goldman Sachs as financial adviser and broker, to salvage a $750m (€823m) skin product acquisition amid financing disagreements.

Terry Sadler, chairman and chief executive of Bioglan, has been fighting for the past two weeks to keep on track a purchase of a skin care treatment business from Bristol-Myers Squibb, the US pharmaceutical company. Negotiations have stalled over price and Bioglan's ability to fund the acquisition, according to sources close to the deal.