NEW YORK (GenomeWeb News) — Tripos took a step closer to dissolution today after announcing it has closed the sale of its UK-based Discovery Research business to Commonwealth Biotechnologies.
The deal, which was penned in May, could be worth a total of $2.15 million depending on certain factors.
Tripos President and CEO John McAlister said the sale is “an important step in the completion of the dissolution and liquidation of Tripos and the distribution of the remaining proceeds to our stockholders later this year.”
The divestiture makes Tripos a shell company. It will ask the Nasdaq Global Market to delist its shares and will seek to be listed on the OTC Bulletin Board.
If the OTC BB is not available, Tripos said it plans to close trading in the company’s stock.