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SDIX closes sale of Life Science assets to OriGene for USD 16m.

M2 PHARMA-July 16, 2013-SDIX closes sale of Life Science assets to OriGene for USD 16m(C)2013 M2 COMMUNICATIONS

16 July 2013 - US biotech group SDIX (NASDAQ:SDIX) said Monday it had closed the sale of the assets of its Life Science division to US genome wide research and diagnostic products developer OriGene Technologies Inc for USD 16 million (EUR 12.2m).

Following the close of the asset divestment, SDIX will change its name to Special Diversified Opportunities Incorporated (SDOI).

In addition, OriGene is taking over the intellectual property, inventory, equipment and commercial contracts of the target. OriGene will also acquire the rights to the SDIX branding and will do business under the name SDIX LLC.

"We are excited to combine the two companies to build one of the most comprehensive collection of high-quality antibodies for key applications both in research and diagnostics fields," said Wei-Wu He, OriGene chairman and CEO.

Broad Oak Capital Partners acted as an adviser to SDIX for the transaction.

(USD 1.0 = EUR 0.763)

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Publication:M2 Pharma
Date:Jul 16, 2013
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