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news.In vitro diagnostic firm Adaltis has signed a binding letter of intent to sell certain assets of its European business to a European-based company.
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The transaction contemplates the sale of specific assets and commercial operations in Italy, as well as the sale of its German subsidiary Adaltis Deutschland. The selling price agreed in the letter of intent is expected to result in a slight profit over the book value of the assets sold. Terms of the transaction are confidential. The closing of the transaction is expected to take place on or about April 22, 2008.
Pierre Larochelle, president and CEO of Adaltis, said: “This transaction will further allow us to accelerate the streamlining of our costs in Europe, which will result in a significant reduction of our cash burn in the second half of 2008. From now on, all our resources will be dedicated to our Chinese expansion and further development of Eclectica.”