CIPHER PHARMACEUTICALS SELLS PHARMA MEDICA RESEARCH TO MANAGERS FOR $19 MILLION

Cipher Pharmaceuticals will sell its Pharma Medica Research division to the current management team of Pharma Medica for $19.1 million, the company said. Under the deal, the group will purchase the pharmaceutical research services business for a cash payment of $14 million on closing, $4 million payable over five years and a special dividend of $1.1 million before closing.

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