A&M Administrators Seek Buyer for Scottish Cell Therapy Pioneer TC BioPharm

Michael Magnay and Rob Croxen of Alvarez & Marsal were appointed joint administrators of TC BioPharm Limited, a Scottish cell therapy company once hailed as a potential biotech unicorn, on 2 October 2025, and have launched an accelerated sale process for its business and assets.

The Motherwell-based firm, founded in 2014 by scientist Angela Scott, was an early developer of allogeneic gamma-delta T cell therapies for the treatment of cancer, as well as developing gamma delta T cell therapies for the treatment of infectious disease. The company operates from an advanced R&D facility and employs a small team of specialist scientists and support staff. No immediate redundancies have been made while administrators seek a buyer.

TC BioPharm’s collapse follows a turbulent period for its parent company, TC BioPharm Holdings (TCBH), which listed on NASDAQ in 2022 with a valuation of about $119 million, raising $17.5 million to fund clinical trials. Despite early promise, the business struggled to maintain its financial footing amid persistent R&D costs, constrained capital markets, and a downturn in investor appetite for early-stage biotech. TCBH was delisted from NASDAQ in March 2025 and transitioned to the OTC market. Attempts to secure new funding proved unsuccessful, resulting in the appointment of administrators, who are exploring potential buyers for the business and assets of the company, including its intellectual property.