Date: 2016-06-10
Type of information: Company acquisition
Acquired company: Therametrics Clinical Supply Services (Italy)
Acquiring company: Fin Posillipo (Italy)
Amount: undisclosed
Terms: * On June 10, 2016, Therametrics announced that it has completed the sale of Therametrics Clinical Supply Services (CSS Italy), its Italian IMP manufacturing and logistics subsidiary, to its shareholder Fin Posillipo. The sale of CSS occurs in connection with the sale of the Company's CRO subsidiaries in Italy, Germany and Romania to Accelovance. The cash consideration received for the sale of CSS will be used to provide additional capitalization to the CRO Subsidiaries, a condition precedent for the consummation of the sale of the CRO Subsidiaries to Accelovance. * On June 6, 2016, Therametrics announced that it has entered into a share purchase agreement for the sale of Therametrics Clinical Supply Services to its shareholder Fin Posillipo. CSS Italy is being sold for a cash consideration that the Company will use to provide additional capitalization to the CRO Subsidiaries, a condition precedent for the consummation of the sale of the CRO Subsidiaries to Accelovance.
Details: The sale of Therametrics Clinical Supply Services is another major step toward the divestiture of Therametrics'CRO activities that was announced at the end of 2015 and towards the re-positioning of the company as a drug development company. The next important step for the Company's re-positioning will be the business combination with Relief Therapeutics, which was approved by the Company's shareholders at the recent annual shareholders meeting.
Related: CRO
