Summit Corporation divests its Dextra Services business to New Zealand Pharmaceuticals
Client
Summit Corporation plc
Date
September 2, 2009
On September 2, 2009 Summit Corporation plc announced that it had divested its chemistry services subsidiary, Dextra Laboratories to New Zealand Pharmaceuticals in order to focus on its iminosugar drug discovery business.
The key terms of the divestment are as follows:
- Consideration of £950,000 paid in cash in respect of the whole issued share capital of Dextra.
- Summit will retain the cash balance at the close of business on 31 August 2009.
- The combined impact of the realised consideration and cash balance will extend Summit's cash resources into Q2 2010.
Allistair Booth, David Smith, Claire Mitchell, Michael Kashis, Fiona Wheatley and Tony Green of Fasken Martineau advised Summit Corporation plc in these matters.
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