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PHARMAKINETICS LABORATORIES, INC., ANNOUNCES PROPOSED SALE OF GERMAN SUBSIDIARY

 PHARMAKINETICS LABORATORIES, INC., ANNOUNCES PROPOSED SALE
 OF GERMAN SUBSIDIARY
 BALTIMORE, March 18 /PRNewswire/ -- PharmaKinetics Laboratories, Inc. (NASDAQ-NMS: PKLBQ), today announced that it proposes to file with the Bankruptcy Court for the District of Maryland a petition seeking authority to consummate a stock purchase agreement with TSI Corporation (NASDAQ: TSIN) pursuant to which TSIN will acquire all the stock of PharmaKinetics' German subsidiary, International Bio Research (IBR). The proposed transaction does not include the North American bioequivalency testing business of PharmaKinetics.
 The transaction is subject to several conditions including completion by TSIN of its due diligence review and the execution by the parties of the definitive purchase agreement. The transaction will require approval by the bankruptcy court. The proposed purchase agreement provides that TSIN will make a cash payment at closing of $1.95 million, with the remaining consideration of $1.4 million paid in shares of common stock of TSIN. A portion of the stock consideration will be subject to an escrow to secure potential post- closing price adjustments.
 TSIN is a leading provider of preclinincal toxicology and human clinical testing services to pharmaceutical, biotechnology, agricultural and chemical companies.
 V. Brewster Jones, president and chief executive officer of PharmaKinetics, commenting on the announcement, said: "We believe this sale will be a positive development for our shareholders and creditors. It is part of our financial restructuring." Commenting further, he said, "PharmaKinetics will be able to focus on the growth of its domestic operations after completion of the sale."
 PharmaKinetics is a leading drug development company providing services to pharmaceutical and biotechnology firms seeking new drug approvals in the United States and Europe.
 -0- 3/18/92
 /CONTACT: V. Brewster Jones, president and chief executive officer, PharmaKinetics, 301-385-4500/
 (PKLBQ TSIN) CO: PharmaKinetics Laboratories, Inc.; TSI Corporation ST: Maryland IN: MTC SU:


SB -- DC021 -- 9313 03/18/92 14:26 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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