MDS sells clinical trials arm for approximately $8M

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MDS has signed an agreement to sell its Central Labs operation, which conducts analysis of samples from late-stage clinical trials to Czura Thornton, an investment group based in Jersey, U.K.

Toronto-based MDS will receive approximately $8 million (U.S.) in proceeds from the transaction which may be increased by up to $4 million if certain performance thresholds are attained by Central Labs following the closing.

If the acquisition is approved, Czura Thornton would acquire MDS' Central Labs unit, which has more than 600 employees at six sites in Europe, North America and Asia.

The transaction is expected to close in the fourth quarter, and is subject to customary approvals and closing conditions.

In September, MDS also entered into an agreement to sell its MDS Analytical Technologies business, a supplier of drug discovery and life sciences research tools, to Danaher of Washington, D.C., for $650 million, in order to focus on MDS Nordion, its medical isotope unit.