Starpharma sells Agrochemicals business for $35M

Company News

by Roma Christian

Starpharma Holdings Limited (ASX:SPL) has completed a transaction to sell Starpharma Agrochemicals to Agrium Inc. for AUD$35 million in cash consideration.

The pharmaceuticals company says Starpharma Agrochemicals has key patents and dedicated staff for Priostar® dendrimers, which is used for crop protection activities.

The company says cash proceeds from the sale will allow it to focus on its core pharmaceutical development portfolio, including DEP® which used for its anti-cancer effects.

Starpharma says with net proceeds from the transaction, it estimates a cash balance of over $60 million at 30 June 2017.

Shares in Starpharma Holdings Limited (ASX:SPL) are trading 2.86 per cent higher to 72 cents.

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