Cipher Completes Sale of Pharmaceutical Research Services Business

Cipher Pharmaceuticals has completed the previously announced sale of its pharmaceutical research services business, Pharma Medica Research, to a group led by the current management team of Pharma Medica. Consideration consisted of a cash payment of $14 million, a deferred payment of $4 million (payable over five years), and payment of a special dividend of $1.1 million from Pharma Medica to Cipher. Pharma Medica has also retained all its existing debt.

Yahoo News (http://biz.yahoo.com/cnw/050302/cipher_completes_sale_1.html)