Tampa-based Accentia Biopharmaceuticals has completed its planned sale of Analytica International, Inc., a healthcare economics consulting firm, for up to $10 million (USD) being paid in a combination of fixed and contingent payments by the purchaser, LA-SER Alpha Group Sarl. Accentia divested its health care economics consulting business conducted by Analytica, which Accentia does not consider to be critical to its ongoing biotech development activities. Based on a separate agreement with the Company’s senior secured lender, Accentia prepaid $4 million in principal with funds from the Analytica asset sale and obtained a one-year extension of all remaining principal and interest payments from the lender.
According to Accentia’s President and General Counsel, Samuel S. Duffey, “By monetizing a non-core asset to eliminate all short term debt payable in cash, and structuring a mutually beneficial agreement with our senior secured lender to extend all principal and interest payments into mid-to-late 2013, we have strengthened Accentia’s financial position, improved its balance sheet and secured access to potentially non-dilutive funding to support development plans for our immunotherapy pipeline.”
Under the terms of the Analytica sale, including a schedule of expected performance-based milestone payments, Accentia anticipates up to an additional $6 million which will be used to advance its Revimmune™ development program for the treatment of autoimmune disease, as well as to potentially provide support for its majority-owned subsidiary, Biovest International, which is advancing its BiovaxID® personalized cancer vaccine for the treatment of non-Hodgkin’s lymphoma. With the sale of Analytica’s assets and business, Accentia also secured a pre-paid credit for future services from Analytica to support pricing and reimbursement strategies.