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Pliva completes divestment of research institute

ZAGREB, May 5 (Hina) - Croatia's leading pharmaceutical company Plivareported on Friday that it had completed the sale of its Zagreb-basedresearch institute to the GlaxoSmithKline (GSK) company.
ZAGREB, May 5 (Hina) - Croatia's leading pharmaceutical company Pliva reported on Friday that it had completed the sale of its Zagreb-based research institute to the GlaxoSmithKline (GSK) company.

According to a press release issued on Pliva's website "Pliva received a payment of USD 35m upon closing of the transaction and is entitled to contingent payments totaling up to USD 15m conditional on the entry of certain early stage projects into clinical development. In addition, PLIVA will receive contingent royalty-based consideration pending commercialisation of certain assets."

"The closing of the transaction will positively impact Pliva Group results by an exceptional gain on sale of the discontinued business of about USD 20m in the second quarter 2006. Ongoing financing of the discontinued proprietary R&D operations through to closing will also impact Pliva Group results by about USD 6m. Both items will be recorded below the operating line (EBIT)," reads the press release

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