Dragon agrees to divest EPO business for $2M
Canada-based Dragon Pharmaceutical says that an unnamed party has agreed to buy its erythropoietin business for $2.08 million. Dragon said that it had decided to divest the unit, which accounted for less than 3% of its revenue for the first nine months of 2007, due to the limited growth potential of the EPO market. Instead, the firm intends to focus on the development of its antibiotics business, which has achieved sales of around $60.0 million so far this year. Further terms of the transactions, which is due to complete before the end of the year, were not disclosed.
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