Biotage sells facility in Charlottesville, Virginia

Published: 11-Jan-2010
Finance

Swedish analytical and medicinal chemistry supplier Biotage is to move product manufacturing from its factory in Charlottesville, Virginia, US to contract manufacturers and its plant in Cardiff, Wales. The transfer of this business has now been finalised.


Swedish analytical and medicinal chemistry supplier Biotage is to move product manufacturing from its factory in Charlottesville, Virginia, US to contract manufacturers and its plant in Cardiff, Wales. The transfer of this business has now been finalised.

The company has now sold the factory for US$5.5m (Euro 3.8m), which has reduced its losses to approximately US$0.1m. Net after transaction costs, Biotage's cash holdings will increase by approximately US$1.3m.

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