Sale allows Forbes to focus on functional foods
September 02, 2008
by Jeff Gelski
Forbes Medi-Tech Inc., Vancouver, B.C., has sold its pharmaceutical and business unit in San Diego to Transition Therapeutics Inc., Toronto. Forbes will receive an upfront payment of $1 million and potential future payments of $6 million.
"As highlighted in a recent news release, this initiative will reduce the company’s burn rate while allowing Forbes to clearly focus on further developing its nutraceutical business — through both organic growth and merger and acquisition initiatives within the functional food and dietary supplement markets," said Charles Butt, president and chief executive officer of Forbes Medi-Tech, when the deal was announced Aug. 18.
For more information, visit www.forbesmedi.com.here to search that archive.
This article can also be found in the digital edition of Food Business News, September 2, 2008, starting on Page 57. Click