SciGen Limited (ASX:SIE) is selling its non-core rights in the design for the construction of a human insulin manufacturing facility to Bioton SA for US$11 million.
Proceeds from the transaction will be used to decrease its debt position towards Bioton.
The company consider that the intellectual property for the facility is not in use or likely to be in use in the foreseeable future.
SciGen has acquired the rights to manufacture, distribute and market biopharmaceutical products under exclusive licensing arrangements.
It currently undertakes research and development activities in collaboration with strategic partners and institutions.The company is presently capped at around $11 million.
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