PHOENIX--(BUSINESS WIRE)--Zila, Inc. (Nasdaq GM: ZILA) received shareholder approval at a Special Shareholders Meeting held September 27, 2006 to divest its wholly-owned subsidiary Zila Nutraceuticals. The divestiture is expected to be completed on October 2, 2006 for a total cash transaction of $37.5 million with up to an additional $3 million to be paid through an earn-out formula dependent upon the future performance of the business.
