LONDON (Alliance News) - Consort Medical PLC said Tuesday that it had received a USD10 million milestone payment following its sale of airway management company King Systems Corp to Ambu A.S in February 2013.
The maximum consideration agreed was up to USD170 million, of which Consort received USD123.3 million at the time of the completion of the acquisition.
The further consideration is contingent on King Systems improved financial performance, including the first commercial sales of its low-cost blades, which triggered the payment of USD10 million.
Shares in Consort Medical were trading up 0.8% at 908.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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