News
`
`Voices
`
`Sports
`
`Culture
`
`News › Business
`
`Fisons sells research centres for £200m
`Tom Stevenson | @TomStevenson_ | Friday 17 March 1995 | 0 comments
`
`Fisons took another big step towards rebuilding itself as a niche
`respiratory drug marketing company yesterday, selling most of its
`research and development operations to Astra of Sweden for £202m.
`The disposal, which analysts welcomed, follows less than two
`weeks after the disposal of Fisons' scientific instruments division
`and the announcement of a deck-clearing loss of more than
`£450m.
`
`Stuart Wallis, chief executive for the past six months, said: "The
`deal allows Fisons to reduce the inappropriately high level of
`R&D costs while keeping intact the high quality scientific teams
`and facilities now passed to Astra. The agreement will fully
`protect Fisons development programme for respiratory products
`and delivery devices."
`
`Fisons will book an £87m profit from the disposal, the difference
`between the price achieved and the operation's net assets of
`
`Complex Ex. 1009, pt. 1 of 2
`
`1
`
`
`
`Voices
`
`Sports
`
`Culture
`
`News › Business
`
`Fisons sells research centres for £200m
`Tom Stevenson | @TomStevenson_ | Friday 17 March 1995 | 0 comments
`
`Fisons took another big step towards rebuilding itself as a niche
`respiratory drug marketing company yesterday, selling most of its
`research and development operations to Astra of Sweden for £202m.
`The disposal, which analysts welcomed, follows less than two
`weeks after the disposal of Fisons' scientific instruments division
`and the announcement of a deck-clearing loss of more than
`£450m.
`
`Stuart Wallis, chief executive for the past six months, said: "The
`deal allows Fisons to reduce the inappropriately high level of
`R&D costs while keeping intact the high quality scientific teams
`and facilities now passed to Astra. The agreement will fully
`protect Fisons development programme for respiratory products
`and delivery devices."
`
`Fisons will book an £87m profit from the disposal, the difference
`between the price achieved and the operation's net assets of
`
`Complex Ex. 1009, pt. 1 of 2
`
`1
`
`
`
`£115m. Fisons shares closed 7p higher at 163p.
`News
`Voices
`
`Culture
`Fisons employs 1,100 staff in research in Loughborough and
`Rochester in the US, of which 900 will transfer. Astra, Sweden's
`largest company, said it planned to invest heavily in the
`operations with plans to expand staff numbers by 20 per cent.
`
`Sports
`
`Fisons still plans to dispose of its laboratory supplies business,
`which analysts believe could raise a further £200m, leaving the
`company with net cash of about £400m.
`
`Mr Wallis said Fisons would use its unaccustomed cash balances
`to acquire licences of new products to push through its extensive
`worldwide sales and marketing organisation, to buy products
`from larger drugs companies and to make acquisitions of other
`companies.The sale of the bulk of Fisons' research arm would cut
`costs by £50m a year, with a saving of about half that much this
`year.
`
`The deal will see Astra acquiring the intellectual property rights
`of various compounds in exploratory and full development and
`research projects not yet at the exploratory development stage.
`In addition, Astra will gain access to the rights for non-CFC
`technology for the development of their own respiratory
`compounds.
`
`More about: | Hair| Loughborough| Mergers And Acquisitions|
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