April 19, 2007
A group of Tripos senior executives will buy Tripos’s Discovery Research subsidiary for £548,000 ($1.1 million), according to a binding letter of intent the company filed with the US Securities and Exchange commission on April 12.
Thomas Mander, vice president - business development, Simon Cole, vice president - strategic alliances, and Mark Allen, vice president - finance and managing director, will acquire the segment.
The officials will pay £348,000 in cash and £200,000 at the close of the sale.
Tripos had earlier sold its discovery informatics division to Vector Capital. Discovery Informatics got a new CEO in Jim Hopkins a month ago and Discovery Research was put on the block.
According to the SEC filing, the Tripos officials may look to sell the company to a third party buyer. The LoI expires on April 26, meaning that the officials must execute a definitive agreement by that time.
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