MERRION PHARMACEUTICALS PLC - Email page
proposed disposal of its Citywest facility for a consideration of €2,175,000
Dublin, Ireland - 17 December, 2014: Merrion today announces that a contract for the sale of its Citywest facility has been signed with PlanNet 21 Communications Limited, for a sale price of €2,175,000. The sale is due to close on or around 12 January 2015, subject to certain completion deliverables. The proposed disposal constitutes a Substantial Transaction under ESM Rule 12.
The Citywest facility is a 28,891 square foot pharmaceutical freehold facility in Citywest, Co. Dublin. The Company does not attribute any profits to the Citywest facility. In the Company's Interim Results 2014, the Citywest facility (comprised of land, buildings, fixtures and fittings) was presented as held for sale as at 30 June 2014, as an active programme was ongoing to sell the facility. The carrying value of the asset as of 30 June 2014 was €1.6 million.
The consideration of €2,175,000 is being satisfied in full in cash. The use of proceeds will be to pay down bank debt associated with the asset and for general corporate purposes.
About Merrion Pharmaceuticals plc
Merrion Pharmaceuticals plc (www.merrionpharma.com) is a publicly listed (ESM:MERR) pharmaceutical company focused on delivering innovation to the market by partnering with complementary companies to develop patented products. Established in 2003, Merrion Pharmaceuticals is primarily engaged in facilitating the development of oral forms (tablets/capsules) of drugs that have suboptimal absorption, many of which can only be given by injection, through the use of Merrion Pharmaceutical's proprietary drug delivery technology platform.
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