NEW YORK (GenomeWeb News) – Clinical Data today said that it would receive $1.5 million from the sale of substantially all of the property and equipment at Avalon Pharmaceuticals' Germantown, Md., facility.
The Newton, Mass.-based drug and pharmacogenomic assay developer acquired Avalon earlier this year for $10 million, providing Clinical Data with a pipeline of oncology biomarkers and a biomarker discovery platform that will be used to identify diagnostic and therapeutic candidates.
Today, Clinical Data sold the non-core assets from that purchase to Intrexon, a Blacksburg, Va.-based genetic engineering firm, for $1.5 million in cash plus the assumption of certain liabilities. Clinical Data also said that it expects to realize annual cost savings of $4 million to 45 million associated with the transaction.
Intrexon said that the Maryland site will become the home of its human therapeutics division.
"This transaction is another step forward in our strategy to allocate our resources to Clinical Data's late-stage drug development programs and other early-stage priority programs, while continuing to divest any assets that are not core to this mission," Drew Fromkin, Clinical Data's President and CEO, said in a statement.