LONDON (ShareCast) - (Sharecast News) - Midatech Pharma announced on Thursday that the proposed sale of its US subsidiary, Midatech Pharma US, to Kanwa Holdings had now completed.
The AIM-traded research and development company, focussed on delivering oncology and rare disease products to patients, had announced the proposed dale on 27 September.

At the time, it said the total consideration for the deal would be up to $19m, with an initial consideration of $13m and up to $6m payable thereafter depending on the performance of Midatech Pharma US in 2018 and 2019.

"The divestment of Midatech's US commercial arm will allow us to streamline and reshape the business from a specialty pharma to a pure play biotech company, and focus all our energy, attention and resources on advancing our innovative, higher value R&D oncology pipeline," said Midatech's chief executive officer Dr Craig Cook at the time.

"Our technologies have recently reached key validation milestones in their development and following completion we intend to accelerate this momentum for our programs and platforms as we look to unlock the full value of our pipeline and address diseases with desperate unmet medical needs."

The company said Kanwa Holdings was a limited partnership established for the purposes of acquiring Midatech Pharma US, and was owned by funds managed by or through Barings.

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