Spire (SPIR) Sells Assets of Hemodialysis Catheter Business for $15M
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Spire Corporation (Nasdaq: SPIR) reached an agreement with Bard Access Systems, Inc. to sell substantially all of the assets of its hemodialysis catheter business. The purchase price payable under the purchase agreement is $15.0 million, including $14.9 million payable at closing to Spire and $100,000 to be paid to two employees of Spire, as consideration for their execution of non-competition agreements.
Under the agreement, Bard Access Systems will also receive a license and a sublicense in the field of hemodialysis catheters to use certain intellectual property used by Spire in its Surface Treatment Business, which provides coating and surface modification services primarily to medical device customers. However, Spire will retain all rights to this licensed intellectual property outside the field of hemodialysis catheters, and otherwise will continue normal operation of this business.
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