PHILADELPHIA, Dec. 19 /PRNewswire-FirstCall/ - MDS Pharma Services, a leading provider of innovative drug discovery and development solutions, announced the sale of its Fermentation Technologies business to Panlabs Biologics of Taiwan, effective today. The move is one of a number of actions taken over the past year to focus the business on its core strengths.
The assets associated with the Fermentation business include equipment, technology and personnel located at the MDS Pharma Services facility in Taipei, Taiwan. The business, which was moved into discontinued operations, generated $3.5 million in revenues in 2005.
Anderson Hong has been named president of Panlabs Biologics. This new entity was formed by CDIB BioScience Venture Management (CBVM), a life-science venture management company, and other individual investors. Founded in 2002, CBVM manages a $76 million fund from offices in Taipei and San Diego. Details are available at www.cdibbiosciencevc.com.
About MDS Pharma Services
MDS Pharma Services offers a full spectrum of resources to meet the drug discovery and development needs of the pharmaceutical and biotechnology industries. With numerous facilities strategically located around the world, the company applies advanced scientific and technological expertise to each stage of the drug discovery and development process - Early Stage: lead optimization, pre-IND research, pharmaceutical and biopharmaceutical development, early clinical research (bioequivalence, phases I-IIa) and bioanalysis; and Late Stage: global clinical development (phases IIb-IV) and central lab. For more information, visit MDS Pharma Services' Web site at www.mdsps.com.
MDS Pharma Services is an integral part of MDS Inc. (TSX: MDS - News; NYSE: MDZ - News). MDS Inc. has more than 8,800 highly skilled people in 27 countries. We provide a diverse range of superior products and services to increase our customers' speed, precision and productivity in the drug development and disease diagnosis processes. We are a global, values-driven life sciences company, recognized for our reliability and collaborative relationships as we help create better outcomes in the treatment of disease. Find out more at www.mdsinc.com or by calling 1-800-MDS-7222, 24 hours a day.
Source: MDS Pharma Services; MDS Inc.
