NEW YORK (GenomeWeb News) — Tripos will not sell its Discovery Research business to Provid Pharmaceuticals, according to a Securities and Exchange Commission filing on Friday.
Tripos told Provid on April 2 that it has terminated the stock purchase agreement the companies signed in early January, under which Provid would have acquired Discovery Research for $2 million in cash.
Tripos said when the deal was made that it would hinge on whether or not Provid could gather the necessary financing.
Tripos said in February that Provid was having trouble pulling that money together, and hinted that members of its own management team may try to buy the company.
The firms’ initial purchase agreement gave both companies the option to terminate the deal on or before March 31, and Tripos said it exercised that option last week.
Tripos sold its Discovery Informatics business in March to Vector Capital for $26.2 million, in part of its ongoing efforts to liquidate the company.
In the filing, Tripos reasserted its intention to sell the remaining parts of the company and to settle all debts, liabilities, and obligations to its shareholders.
The company stated it is still engaged in efforts to sell Discovery Research, but would not guarantee it would be able to make a deal “on satisfactory terms."