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Nov 20, 2006

Tripos to Sell Discovery Informatics Business

  • Tripos entered into a definitive agreement to sell substantially all of the assets of its Discovery Informatics business to Vector Capital.

    This asset sale, expected to close in the first quarter of 2007, is an initial step in the liquidation of Tripos. Liquidating distributions, in an amount to be determined, are expected to begin approximately six months after the closing of this transaction.

    Tripos' preliminary estimate is that there would be between $6 million to $12 million available for distribution to common stockholders assuming completion of the sale of its Discovery Informatics business to Vector, sale of its Discovery Research business, completion of certain other transactions described below, and satisfaction of all liabilities at amounts currently estimated.

    Tripos reported last week that it is in advanced discussions to sell its U.K.-based Discovery Research business and related assets.

    "This transaction will allow the Discovery Informatics business to continue to serve its computational chemistry and enterprise research IT customers as a private company with greater access to growth capital," said John P. McAlister, president and CEO of Tripos. "Furthermore, it will enable the Discovery Informatics business to strengthen its core SYBYL business and continue to develop innovative scientific software products and services to meet the evolving needs of the pharmaceutical and biotechnology industries."

    Under the asset purchase agreement, Tripos will sell its Discovery Informatics business for approximately $25.6 million in cash, subject to adjustment based upon net working capital at closing. Tripos will retain certain assets and substantially all the liabilities of the business, which must be disposed of or satisfied before any distribution to shareholders.



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