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Tigenix NV to sell Dutch manufacturing facility to PharmaCell


Friday, 24 Jan 2014 01:00am EST 

Tigenix NV:Signs an agreement for the sale of its Dutch production facility to PharmaCell B.V, a European-based contract manufacturing organization active in the area of cell therapy and regenerative medicine, for a total consideration of 5.75 million euros.Says PharmaCell is to acquire the shares of TiGenix's wholly owned subsidiary TiGenix B.V., which holds the Dutch manufacturing facility.Says under the terms of the agreement, TiGenix will receive an upfront payment of 3.5 million euros when the sale becomes effective and a final payment of 750,000 euros after three years.Says in addition, ChondroCelect will continue to be manufactured at the facility under a long-term manufacturing agreement, under the terms of which TiGenix will benefit from a cost relief of 1.5 million euros during the first three years.Says the sale of TiGenix B.V. is expected to become effective in the coming months.Says closing of the transaction is subject to confirmation by the relevant authority that the TiGenix B.V. is authorized to produce other products than ChondroCelect, as well as confirmation in respect of the financing of the transaction by PharmaCell.