Solutia, Inc. (SOI) Reaches Agreement To Sell Pharmaceutical Services Business To Dishman Pharmaceuticals and Chemicals Ltd For $74.5 Million
5/24/2006 3:04:45 PM
ST. LOUIS, May 24, 2006 -- Solutia Inc. today announced that its subsidiary, Solutia Europe SA/NV, has reached a definitive agreement to sell its Pharmaceutical Services business, comprised of CarboGen AG and AMCIS AG. Under the terms of the agreement, Dishman Pharmaceuticals & Chemicals Ltd. will purchase 100 percent of the stock of CarboGen and AMCIS, as well as certain other assets used in the Pharmaceutical Services business, for $74.5 million, subject to working capital adjustment. This transaction is subject to removal of the restrictions related to the sale under SESA's Euronotes, authorization by the bankruptcy court overseeing Solutia's reorganization, and government and regulatory approvals, which are expected by August 31, 2006.