Bioglan May Buy Bristol-Myers Unit

British drug maker Bioglan Pharma might pay as much as $700 million for Bristol-Myers Squibb Co.’s skin-care unit, the Financial Times said, citing people close to the talks. Bioglan would only say it’s considering an acquisition.

A spokesman at Bristol-Myers said the company doesn’t comment on rumors or speculation as a matter of policy.

The drugs from Bristol-Myers would make Bioglan one of the top five companies in the $8.6-billion market for dermatology products, analysts said. The purchase also would more than double the British company’s sales, which reached $144.28 million last year.

Shares of New York-based Bristol-Myers rose 49 cents to close at $56.04 on the NYSE.