LION bioscience sells bioinformatics business

Germany's LION Bioscience AG has successfully completed the sale of its bioinformatics business to BioWisdom, based in the UK. The consideration will be up to 4 million euros ($4.8 million) and the deal was due to be completed by April 4. As a result of this transaction, the company has achieved a major milestone in its restructuring plans, which commenced over a year ago.

"We have achieved a satisfactory result through this disposal. All obligations resulting from the bioinformatics business have been assigned to the buyer, therefore, we can now focus on the future business, based on a clean and strengthened position," commented chief financial officer Peter Willinger.

The bioinformatics unit, comprising the 100%-owned subsidiaries, LION Bioscience Ltd, Cambridge, UK, and LBAV Inc, Cambridge, Massachusetts, USA, will be taken over by BioWisdom, a company specializing in providing health care intelligence to business leaders in the pharmaceutical and biotechnical industries. The sales price consists of a fixed and variable payment. The latter is based on the business development over the next 12 months.