LONDON (Thomson Financial) - Sareum Holdings Plc. said it has sold substantially all of the eq
uipment assets of its wholly owned subsidiary Sareum Ltd. for 720,000 pounds in cash.
The drug discovery business said the structure-based drug discovery service business has been sold to Galapagos NV for 553,000 pounds cash. Under the terms of this agreement, Galapagos NV has acquired equipment assets and Sareum's ongoing service contracts.
The company said if this disposal had not been completed, Sareum Ltd. would have been unable to meet its financial commitments as they fell due and consequently would have been unable to continue trading resulting in the appointment of liquidators or administrators.
The company has retained the intellectual property of its cancer drug discovery programmes which it plans to develop using the proceeds of the disposal.
The company's shares will remain suspended while it completes its re-organisation and finalises its financial and business strategy.
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