Solutia Completes Sale of Pharmaceutical Services Business
Solutia Inc. announced that its subsidiary, Solutia Europe SA/NV ("SESA"), has completed the sale of its Pharmaceutical services business, comprised principally of SESA's subsidiary CarboGen Amcis AG. Dishman Pharmaceuticals and chemicals Limited and its subsidiaries have purchased 100 percent of the stock of CarboGen Amcis AG, as well as certain other assets used in the Pharmaceutical Services business, for approximately $74.5 million, subject to a working capital adjustment.
The Pharmaceutical Services business provides drug development and commercialization services for pharmaceutical and biotechnology companies. During the year 2005, the business had sales of approximately 80 million Swiss francs. The Pharmaceutical Services business has research and development facilities at three sites in Switzerland: Aarau, Bubendorf, and Neuland. All intellectual property, patents and trademarks, customer contracts, as well as employees of the Pharmaceutical Services business are included in the transaction.
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