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UPDATE 1-Atrium Innovations to sell active ingredients unit

Fri Apr 4, 2008 2:13pm EDT

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(In U.S. dollars)

TORONTO, April 4 (Reuters) - Canadian pharmaceuticals company Atrium Innovations (ATB.TO) said on Friday it plans to sell its Active Ingredients and Specialty Chemicals division to Paris-based AXA Private Equity for $155 million as it shifts its focus to the health and nutrition segments of the market.

The company said the sale of the division is expected to be completed by mid May.

"This transaction will allow us to optimize the creation of shareholder value by focusing exclusively on the health and nutrition industry, where we intend to continue to play the role of a strategic consolidator in a conducive industry environment," Pierre Fitzgibbon, president and chief executive at Atrium, said in a release.

Atrium shares were up 86 Canadian cents, or 5.5 percent, at C$16.45 on the Toronto Stock Exchange on Friday afternoon. ($1=$1.01 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)



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