News: PBP Probiotec To Sell Certain Portfolio To Inova Pharma

Aug 24 (Reuters) - Probiotec Ltd (PBP) :

• AGREEMENT REACHED FOR SALE OF GOLD CROSS, DAVID CRAIG, SKIN BASICS PORTFOLIO OF PRODUCTS TO INOVA PHARMACEUTICALS (SINGAPORE) PTE LIMITED
• SALE PRICE OF $13.5 MILLION TO BE PAID IN CASH ON COMPLETION
• PROBIOTEC TO CONTINUE TO MANUFACTURE GOLD CROSS, DAVID CRAIG AND SKIN BASICS PRODUCTS ON AN EXCLUSIVE, LONG TERM BASIS
• PROBIOTEC-ASSETS ARE CURRENTLY SUBJECT TO AGREEMENT WHEREBY INOVA ACTS AS DISTRIBUTOR OF PRODUCTS, WHICH WILL TERMINATE UPON COMPLETION OF TRANSACTION
• COMPLETION OF SALE IS EXPECTED TO OCCUR ON OR ABOUT 30 SEPTEMBER 2018