Radiopharmaceutical firm Draxis Health of Mississauga, Ontario, has sold its Canadian pharmaceutical sales and marketing division, Draxis Pharmaceutica, to Shire BioChem, a division of Shire Pharmaceuticals Group of Hampshire, U.K.
Under the terms of the transaction, Draxis has received $9.6 million (U.S.) in cash from Shire, and could receive up to an additional $2.9 million in contingent milestone payments over the next several years. In addition, Draxis will receive royalty payments based on continuing Canadian sales of the products included in the transaction at various product-specific rates.
By AuntMinnie.com staff writersJuly 23, 2003
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