Celltech Sells Rest Of Lonza Bio For $17.2 M
UK biotechnology company Celltech has received L10.5 million ($17.2million) from Alusuisse-Lonza of Switzerland as payment for the sale of its remaining 24.9% interest in Lonza Biologics, formerly Celltech Biologics. The payment brings the total sale proceeds to L42 million, following Alusuisse-Lonza's purchase of the first 75.1% in June 1996.
Celltech may also receive further earn-out payments based on the annual sales growth to December 2000 by the Biologics business. The sale for cash was designed to focus Celltech's resources exclusively upon its therapeutic R&D operations, which it believes provides the greatest potential for value creation. On the day of the announcement (January 6), Celltech shares closed 6 pence up at 305 pence.
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