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.