Apricus Sells Specialty CRO Subsidiary to BioTox Sciences
According to the deal, Apricus will receive a minimum of $5 million in upfront and future payments of as much as $20 million during the next 10 years.
Apricus Biosciences announced yesterday that it has sold its wholly-owned specialty CRO subsidiary, Bio-Quant, Inc., to BioTox Sciences, a San Diego-based CRO.
Apricus will receive a minimum of $5 million in upfront and future payments of as much as $20 million during the next 10 years. Apricus has also retained all NexMed-related research conducted by Bio-Quant and Bio-Quant’s diagnostic kit business.
"While our Bio-Quant subsidiary has been driving revenues over the past year, this divesture represents a key strategic decision for Apricus Bio,” said Dr. Bassam Damaj, Apricus’ chairman, president and chief executive officer. “The sale enables us to focus our efforts where we believe we will generate the greatest return on investment, speeding our specia
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