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Vistin Pharma ASA selling its opioids and tablet manufacturing branch to TPI Enterprises.

M2 PHARMA-July 13, 2017-Vistin Pharma ASA selling its opioids and tablet manufacturing branch to TPI Enterprises

(C)2017 M2 COMMUNICATIONS

Vistin Pharma ASA is selling its opioids and tablet manufacturing branch (CMO) to TPI Enterprises Limited (TPI), the company reported on Thursday.

TPI has agreed to pay a cash consideration of NOK100m to the Norwegian company in addition to the value of inventory transferred at the date of closing. The inventory is currently valued at NOK62m.

Upon completion of the transaction, Vistin Pharma will be a pure play metformin producer, with a strong position in the global market.

Metformin is indicated as a first-line treatment for type 2 diabetes, a disease which is projected to double in occurrence by 2030 and affect some 500 million people.

The transaction will be completed through a demerger of the business from Vistin Pharma's subsidiary Vistin Pharma AS to a wholly-owned subsidiary of Vistin Pharma, TPI Norway AS ("TPIN"), and a sale of the shares in TPIN to TPI.

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Publication:M2 Pharma
Date:Jul 13, 2017
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