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.
Subscribe to 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
-
Watch out for fake Steven Bartlett video – you could lose thousandsScammers are trying to tap into the Trump tariffs chaos, but knowing what to look out for could save you thousands of pounds, says Kalpana Fitzpatrick
-
Can Donald Trump fire Jay Powell – and what do his threats mean for investors?Donald Trump has been vocal in his criticism of Jerome "Jay" Powell, chairman of the Federal Reserve. What do his threats to fire him mean for markets and investors?
