LONDON (Alliance News) - Immunotherapy-focused pharmaceutical company Midatech Pharma PLC said on Thursday it has completed sale of Midatech Pharma US Inc to Kanwa Holdings LP, owned by Baring LLC-managed funds.
This followed shareholder approval for the sale being granted in mid-October.
In late September, Midatech agreed to sell Midatech Pharma US Inc to Kanwa for up to USD19 million.
Of this sale price, USD13 million would be paid as initial consideration and up to USD6 million based on the unit's net sales performance in 2018 and 2019.
Net proceeds from the sale would be used to fund key research & development priorities, said Midatech Pharma, such as the MTD201 Q-Octreotide and MTX110 programmes toward their next development milestones, as well as repay an outstanding loan to MidCap Financial.
Shares in Midatech Pharma were down 8.2% at 14.00 pence each on Thursday.