14.06.2017 02:21:50

Starpharma Closes Sale Of Agrochemicals Business To Agrium

(RTTNews) - Starpharma Holdings Ltd (SPL.AX, SPHRY) announced that it has completed a transaction to sell its agrochemicals and Priostar business to Agrium Inc., ( (AGU) for A$35 million in cash consideration. The Starpharma Agrochemical business will be operated by Agrium's wholly-owned subsidiary, Loveland Products Inc.

Starpharma noted that the cash proceeds from the sale of Starpharma Agrochemicals have further strengthened its balance sheet and will allow Starpharma to focus its resources and activities on its core pharmaceutical development portfolios, including DEP drug delivery.

Starpharma said it intends to use the funds to accelerate the development and commercialisation of its higher-value pharmaceutical dendrimer-based products and to explore other opportunities in this area of the business. With the net proceeds from the transaction, Starpharma estimates a cash balance of greater than $60 million at 30 June 2017.

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