Fusion IP, which commercialises university research, has announced that Certara, a leading provider of drug discovery and development software and scientific consulting services, has agreed to acquire Fusion's portfolio company, Simcyp.
The $32m purchase moves Simcyp into the Certara portfolio and further supports Certara's emphasis on supporting translational science initiatives.
The transaction is conditional only upon the completion of the drawdown of Certara's acquisition funding. It is anticipated that this transaction will be completed on February 29th 2012.
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Fusion will receive around $6.4m in cash from the sale of its 20% shareholding in Simcyp, of which about 14% is being held in escrow for a period, as security for certain warranty and indemnity cover.
The majority of the cash will be used to invest in a number of Fusion's existing portfolio companies and for the creation of new portfolio companies from its exclusive university partnerships, in line with its business model, the firm said.
Fusion's share price rose 5.3% to 69.50p by 12:44.
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