NEW YORK (GenomeWeb News) – Tripos said today it has closed the sale of its Discovery Informatics unit to Vector Capital for $26.2 million, and is still seeking a buyer for its Discovery Research business.
Vector Capital is a private equity boutique based in San Francisco that specializes in buyouts, spin-outs, and recapitalizations.
Tripos sold the informatics business as part of its plan to liquidate the company, which it said would begin in around six months once it settles all its debts and obligations.
The company is still seeking a buyer for its Discovery Research business, but today Tripos gave no assurance it would complete a deal “on satisfactory terms.”
Two weeks ago Tripos hinted that members of its management team would consider buying the Discovery Research unit as it appeared that a proposed deal with suitor Provid Pharmaceuticals would not materialize, or if it failed to find another buyer.
Provid told Tripos in January it was having trouble securing the roughly $2 million in financing required to swing the deal.
In November, Tripos said that after nearly a year of strategic review it had decided to sell the Discovery Research business to become a stand-alone informatics company, unless it could sell that business as well.
The company then said it expected to distribute between $6 and $12 million to shareholders after the sale of both businesses and “the completion of certain other transactions.”
Tripos began to review strategic options in November 2005 after Pfizer failed to renew a four-year, $90-million file enrichment agreement the companies had entered in 2001.