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Tripos May Sell Discovery Research Arm to Provid Pharmaceuticals for $2M; Informatics Deal Still Pending

NEW YORK (GenomeWeb News) — Tripos today said it plans to sell its Discovery Research business to Provid Pharmaceuticals in a stock sale worth roughly $2 million.
 
That price may change, depending on changes in capital, debts, equipment, and facility values, Tripos said. The deal also hinges on Provid’s ability to secure the necessary financing, the company said.
 
The proposed sale would continue Tripos' plans to liquidate its assets and allow its branches to operate as private entities under other ownership in order to “maximize their potential for future success,” Tripos President and CEO John McAlister said in a statement.
 
McAlister said Discovery Research will maintain its base in Bude, England, and said the prospective owners plan to retain the unit’s current management and staff.
 
St. Louis-based Tripos six weeks ago disclosed that it would sell its Discovery Informatics business to Vector Capital, a San Francisco-based private equity firm, for $26.5 million.  
 
Tripos said at the time it expected the Discovery Informatics deal to finalize sometime in the first quarter of 2007, although today it said it will file a proxy statement with the US Securities and Exchange Commission sometime early this year that will offer more information about the agreement with Vector Capital.  

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