Tripos Completes Sale of Discovery Informatics Business to Vector Capital Corporation
22-Mar-2007
Tripos, Inc. announced that it completed the sale of the assets of its Discovery informatics business to affiliates of Vector Capital. Vector Capital is a San Francisco-based private equity boutique specializing in buyouts, spinouts and recapitalizations of established technology businesses.
Tripos received a final purchase price of $26.2 million for the Discovery Informatics business. This represented an increased purchase price of approximately $575,000 due to improved working capital of the business since the signing of the asset purchase agreement in November 2006.
Tripos used a portion of the proceeds to retire existing debt with LaSalle Bank and Horizon Technology Finance. Liquidation of the company will occur following resolution of all remaining corporate debts and obligations, and will commence approximately six months from now. Efforts to sell Tripos' Discovery Research business are continuing, although no assurance can be given that a transaction for this division can be completed on satisfactory terms.
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