February 4, 2013
Microbix sells Water-for-Injection business to focus on high value-added Antigen products
Microbix Biosystems Inc., a biotechnology company developing innovative biological products and technologies, announced it has sold its Water-for-Injection business to Irvine Scientific in California, US on Feb. 1.
The sale was constructed on an earn-out basis, though specific deal terms were not disclosed.
The sale of this non-core asset is part of the Company's strategy to focus on higher value-added Antigen products as well as key pipeline projects such as Kinlytic, which the Company is currently developing under license for Zydus Cadila. The sale has resulted in the redeployment of key resources to these important initiatives.
Vaughn Embro-Pantalony, President and Chief Executive Officer of Microbix commented, "In addition to the strategic rationale to re-deploy important resources to higher value opportunities, the transaction also moves us toward our goal of generating sustainable, positive cash flow from operations. We are confident our customers will be well served by Irvine Scientific and that this transaction provides substantial benefit to all parties."
