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news.US-based Immtech Pharmaceuticals has entered into an agreement to sell Immtech Life Science, a subsidiary of the company which owns land use rights and property in Shenzhen, China, to a third party.
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Under the agreement, the total purchase price for Immtech Life Science is $2 million in cash. The company has received 30% of the total purchase price following the signing of the agreement, and the buyer shall provide the remaining funds by March 19, 2009.
Eric Sorkin, chairman and CEO of Immtech, said: “The sale of Immtech Life Science represents an important step in our ongoing efforts to ensure that we will have the resources to further develop targeted businesses that could generate revenues in the near term. These businesses include drug development and clinical work and other healthcare related services.”