In Brief: Applied Microbiology
This article was originally published in The Tan Sheet
Applied Microbiology: Agrees to sell its U.K.-based food preservative unit Aplin & Barrett to food manufacturer Burns Philp & Co. in order to "focus our resources on developing and commercializing dietary supplements and pharmaceuticals," the firm announces. Applied Microbiology markets Cardia salt alternative targeted to people with hypertension. Under the agreement, Applied Microbiology will receive $13.5 mil. in cash, a $2.5 mil. loan that could be forgiven depending on the performance of the unit, and the return of 2.42 mil. shares of its common stock held by Burns Philp. The deal is expected to close by the end of the year...
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