LION bioscience sells bioinformatics business
German company LION bioscience has successfully completed the sale of its bioinformatics business to BioWisdom, of the UK, for up to Euro 4m.
German company LION bioscience has successfully completed the sale of its bioinformatics business to BioWisdom, of the UK, for up to Euro 4m.
The bioinformatics unit consists of the 100%-owned subsidiaries LION Bioscience Ltd, based in Cambridge, UK; and LBAV, Inc., of Cambridge, Massachusetts, US.
As a result of this transaction, LION has achieved a major milestone in its restructuring plans, which commenced over a year ago. "The disposal of the bioinformatics business was a primary precondition for the future strategy of LION and its position in the market," said Peter Willinger, cfo of LION bioscience. "We can now focus on the future business, based on a clean and strengthened position."
In connection with the sale of the bioinformatics business, the planned reduction of the Management Board has taken place, with Dr Thure Etzold resigning as ceo with effect from 4 April 2006. Willinger will be the sole member of the management board.