Brief: Pharmaxis Announces Sale Of Mannitol Respiratory Business To Arna Pharma

Syntara

03/10/2023 02:44

Oct 3 (Reuters) - Pharmaxis Ltd  PXS.AX :
    * SALE OF MANNITOL RESPIRATORY BUSINESS TO PHARMACEUTICAL
MANUFACTURING SPECIALIST, ARNA PHARMA
    * SALE IS SCHEDULED TO COMPLETE BEFORE END OF OCT 2023
    * MBU SALE AND RESTRUCTURE WILL RESULT IN A REDUCTION OF
ANNUAL
CORE COSTS
    * REDUCTION OF ANNUAL CORE COSTS, EXCLUDING EXTERNAL
RESEARCH
COSTS, OF MORE THAN 60% SAVING COMPANY OVER A$14M PER YEAR
    * CURRENT CHAIR MALCOLM MCCOMAS RETIRES EFFECTIVE OCT 3
    * RESIDUAL NET EXIT COSTS OF LESS THAN A$1M TO RECEIVE
PRODUCT
ROYALTIES FROM ARNA PHARMA
    * CURRENT PHARMAXIS DIRECTOR KATHLEEN METTERS HAS BEEN
APPOINTED
BY BOARD AS CHAIR
    * PHARMAXIS TO BE RENAMED SYNTARA
    * AS PART OF RESTRUCTURING, PHARMAXIS BOARD WILL BE REDUCED
IN
SIZE

Source text for Eikon:  ID:nASXgmZwy 
Further company coverage:  PXS.AX 

 ((Reuters.Briefs@thomsonreuters.com;))