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Cipher Pharmaceuticals (CC:CLC) Announces Sale Of Pharmaceutical Research Services Business


10/19/2005 5:12:32 PM

MISSISSAUGA, ON, Jan. 21 /CNW/ - Cipher Pharmaceuticals Inc. ("Cipher") (TSX: DND) today announced that it has completed a definitive agreement to sell its pharmaceutical research services business, Pharma Medica Research Inc., to a group led by the current management team of Pharma Medica. Consideration will consist of a cash payment of $14 million on closing, a deferred payment of $4 million (payable over five years), and payment, prior to closing, of a special dividend of $1.1 million from Pharma Medica to Cipher. Pharma Medica will also retain all of its existing debt. Closing of the transaction, which is subject to customary conditions and regulatory approvals, is anticipated on or before February 28, 2005.

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