Pharmaron Beijing Co., Ltd, a leading Contract Research Organization (CRO) based in Beijing (HKG: 3759; SHE: 300759), has announced the sale of its 10.21% stake in Proteologix, a US-based specialist in immune-mediated diseases. The acquisition of Proteologix is set to be completed by healthcare giant Johnson & Johnson (J&J; NYSE: JNJ).
Following the merger, Proteologix’s existing shareholders, including Pharmaron, will be entitled to receive up to USD 1 billion in total payment. This includes an approximate USD 150 million in milestone payments upon the achievement of specific milestone goals. Pharmaron anticipates receiving an upfront payment of approximately USD 86.821 million for its stake in Proteologix, with the potential for an additional milestone payment of approximately USD 15.321 million.- Flcube.com
