Cork Gully Realises Value for Stakeholders in Destiny Pharma Liquidation
Cork Gully is pleased to announce the successful sale of key assets from Destiny Pharma Limited (in liquidation), an AIM-listed clinical-stage biotechnology company specialising in novel anti-infectives.
Mark Smith and Stephen Cork of Cork Gully were appointed Joint Administrators of Destiny Pharma on 21 August 2024 and subsequently Joint Liquidators on 1 August 2025.
During the insolvency process, Cork Gully managed the sale of Destiny Pharma’s XF drug platform, including intellectual property, stock, contracts, and its trading name, to Moirai Acquisitions Limited, a wholly owned subsidiary of EMV Capital plc, for a consideration of up to £2.475 million. The transaction secures the future development of the XF-73 compound, a novel mechanism designed to reduce bacterial resistance and post-surgical site infections, while also realising value for the estate.
Following completion of the sale, the liquidators will now proceed with making a significant interim dividend to unsecured creditors. They are also assessing the potential level of returns that may be available to shareholders beyond this.
This outcome reflects Cork Gully’s longstanding experience in complex insolvency and restructuring cases, and particularly its deep expertise in extracting value from distressed life sciences businesses. The firm has a consistent history of delivering tangible results for stakeholders in high-profile, specialised sectors.
Mark Smith, Partner at Cork Gully, commented:
“Supporting Destiny Pharma through its restructuring process demonstrates our expertise in managing complex life sciences insolvencies. Securing a buyer for the XF drug platform has safeguarded key assets for future development and provided a significant return to unsecured creditors, reflecting our focus on preserving value and delivering results for stakeholders.”