LONDON (Alliance News) - Bioquell PLC on Friday said it sold its MDH Defence business for an initial consideration of GBP400,000.
The pharmaceutical company said it can get a further contingent payment of up to GBP600,000 if MDH Defence wins a specific contract for which it is presently bidding within the next 12 months.
If successful, the deal promises to bring MDH Defence a revenue of GBP700,000 and margin of GBP200,000 during the second half of 2018.
For 2017, MDH Defence reported a revenue of GBP700,000 and operating loss of GBP35,000.
"I am pleased to have been able to reach agreement to exit this non-core business," said Executive Chairman Ian Johnson. "The disposal represents a further step in simplifying and reducing the complexity of the business and transitioning Bioquell's focus to its core products and services."
The stock was untraded at 314.90 pence on Friday.
