Tripos, Inc. has announced that it has entered into a definitive agreement to sell its U.K.-based Discovery Research business to Provid Pharmaceuticals Inc., a New Jersey-based drug discovery company.
According to Tripos, this sale was contemplated in its recently announced agreement to sell its Discovery Informatics business to San Francisco-based Vector Capital and it is expected to close in the first quarter of 2007.
The Discovery Informatics and Discovery Research businesses, following their respective sales, will operate as independent private companies committed to providing services to their current and prospective customers.
Provid Pharmaceuticals is a drug discovery service company engaged in the design, identification and optimization of lead compounds for pharmaceutical development. The company can provide medicinal chemistry research services to the biotech and pharmaceutical industries.
“Tripos’ board and management are pleased to announce the proposed sale of our Discovery Research division to an organization that shares a commitment to high quality, innovation and customer priorities,” said Dr. John P. McAlister, president and chief executive officer of Tripos.
“Provid is committed to the customer relationships that we have established and to the combination of design and chemistry that has enabled Tripos Discovery Research to build its business over the past nine years,”
“The business will remain in Bude, England, and the new owners will retain the current management and staff of Tripos Discovery Research.”
“With the agreement on this transaction, Tripos has now made provision for the sale of each of its principal business units to other strategic owners with resources committed to continuing and enhancing those businesses as private companies to maximize their potential for future success."
"Furthermore, we are providing our stockholders with a proposal that our board believes provides them with a greater certainty of value than the continued uncertainty of operating Tripos in its current form,” Dr. McAlister continued.