Investment firm KKR is set to acquire Prometic Bioseparations, the chromatography and bioprocessing business of Liminal BioSciences.
Global biotech firm Liminal BioSciences, which changed its name in September from Prometic Life Sciences, has announced the sale of Prometic Bioseparations (PBL) to KKR. The investment firm will pay ÂŁ45 million ($58 million), with up to ÂŁ32 million ($42 million) more upon closing of the deal.
PBL offers chromatography columns and services for the biomanufacturing industry. Its Evolve Process column range offers prepacked columns in 70, 100 and 200 mm diameters, with bed height options of either 10 or 20cm.
The sale is due to the separations business not fitting with parent firm Liminalâ€™s core focus on developing and commercializing its own small molecule compounds for respiratory, liver and renal diseases.
Liminal CEO Kenneth Galbraith said the sale of the division â€świll further our transition to a new focus on our small molecule therapeutics division,â€ť and added the cash proceeds will serve to strengthen the firmâ€™s financial position.
â€śPBL will remain an important partner for the manufacture of our plasma-derived therapeutics, and Liminal BioSciences will continue to work together with PBL for the supply of affinity adsorbents used in the manufacturing activities for our lead plasma-derived therapeutic product, Ryplazim (plasminogen), through a long-term supply agreement.â€ť
Steve Burton, CEO of PBL, added in a press release that his firm will use the divestment to â€śgrow its bioseparations business independently and extend its leadership position in the field of bioseparations.â€ť
With the deal set to close later this quarter, Liminal and Prometic Bioseparations were unable to offer additional comment when contacted by this publication.