Forbes Medi-Tech (FMTI) to Sell Pharmaceutical Assets to Transition Therapeutics (TTHI)
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Forbes Medi-Tech Inc. (NASDAQ: FMTI) announced today the sale of its pharmaceutical assets and business unit based in San Diego, California to Transition Therapeutics Inc. (NASDAQ: TTHI).
Terms of the sale include an upfront payment of $1 million in cash paid at closing to Forbes along with potential future payments of up to $6 million, in cash or Transition shares, based upon Transition reaching certain developmental and regulatory milestones as outlined in the agreement.
Forbes Medi-Tech Inc. is a life sciences company dedicated to the research, development and commercialization of products for the prevention and treatment of life-threatening diseases.
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