NEW YORK, Jan. 26 (GenomeWeb News) - CombiMatrix has transferred to partner INBIO the day-to-day operational responsibility and majority ownership of its Japanese subsidiary, CombiMatrix KK, and has expanded its distribution agreement with INBIO to include Japan, CombiMatrix parent Acacia Research said today.
As part of the deal, INBIO, which is based in Australia, has obtained 67 percent of the voting interests in the KK subsidiary, which is based in Tokyo. "INBIO will assume all operational and financial responsibilities of the KK including its liabilities," Acacia said.
The CombiMatrix group will manage new business and strategic relationships and opportunities from its USheadquarters in Mukilteo, Wash.The KK unit and INBIO will "focus exclusively on sales of the CombiMatrix group's products and services," Acacia added.
"The experience of INBIO executives in the Japanese markets as well as their proximity will enable more efficient management of our now jointly owned Japanese subsidiary," Amit Kumar, president and CEO of CombiMatrix, said in a statement.