JP Morgan and its client Celltech, the UK biotech company that has bid £101m (€148m) for competitor Oxford GlycoSciences, have been left in pole position after a potential rival offer collapsed.

Sir Christopher Evans and Alan Goodman, two prominent UK biotech investors, said a bid trumping Celltech's cash offer was "not a viable proposition". They said they reserved the right to make an offer if Celltech's offer lapses, but the move ends the potential for a bidding war for Oxford GlycoSciences and leaves Celltech the likely winner.