Tripos Announces Definitive Agreement to Sell Discovery Research Business
Tripos, Inc. announced that it has entered into a definitive agreement to sell its U.K.-based Discovery Research business to Provid Pharmaceuticals Inc., a New Jersey-based drug discovery company. This sale, expected to close in the first quarter of 2007, was contemplated in Tripos' recently announced agreement to sell its Discovery informatics business to San Francisco-based Vector Capital.
Tripos will sell the stock of its discovery research subsidiary for approximately $2.0 million, subject to adjustment based on net working capital, capital leasing debt, and property, plant and equipment formulas at closing. Tripos' board of directors has approved the transaction. This transaction is subject to numerous customary terms and conditions, including Provid's ability to obtain acquisition financing, receipt of certain customer consents, resolution of repayment obligations under certain British government economic development grants, and limited post-closing indemnification. Tripos will apply the proceeds of this sale to retire corporate-level obligations related to this business.
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