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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
-
Two thirds of easy access savings accounts come with restrictions – can you access your savings in an emergency?Out of the top 30 easy access savings on the market, 22 come with some sort of restriction on how fast you can access your money, according to new research.
-
Most popular London boroughs: Full list of in-demand places to move toA deluge of people move to or within Britain’s capital each year – but which area is the most popular? We look at the most in-demand London boroughs in 2025.
