The Tampa firm could raise $10 million by selling its consulting business.
TAMPA -- Accentia Biopharmaceuticals Inc. (symbol: ABPI) sold its healthcare economics consulting business, Analytica International Inc., to London-based LA-SER Alpha Group Sarl in a deal that could be worth $10 million.
When the sale of Analytica is completed, LA-SER will immediately pay $4 million in cash to Lauras Master Fund Ltd., Accentia's senior secured lender. On March 31, 2012, LA-SER will make an additional earnout payment of up to $1.5 million, followed by another payment of up to $4.5 million on a later, unspecified date.
Samuel Duffey, Accentia's president and general counsel, says the sale will “eliminate all short term debt requiring payment in cash, extending all principal and interest payments to our senior secured lender into mid-to-late 2013.”
Tampa-based Accentia is developing a treatment for autoimmune diseases, called Revimmune. The company raised $4 million in debt financing in June, after emerging from bankruptcy a year ago.