Celltech Sells Biologics Unit
Celltech of the UK is selling its only profitable business unit, Celltech Biologics, to Alusuisse-Lonza of Switzerland. The Swiss company will pay a minimum of L42 million ($64.4 million) plus an earn-out based on future sales growth of Biologics. This is expected to yield an additional L8 million. Also, A-L will take on external debt and other leasing obligations of Biologics.
Peter Fellner, chief executive of Celltech said: "this sale will materially improve the risk-reward balance of Celltech by enabling its resources to be focused exclusively upon its therapeutic R&D operations, which we believe provide the greatest potential for value creation." Celltech's R&D has progressed well recently, he said.
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