Warnex pulls out of analytical services divestiture

By Gareth Macdonald

- Last updated on GMT

Related tags: Toronto stock exchange

Warnex pulls out of analytical services divestiture
Warnex has pulled out of a C$1.1m (€833,000) deal to sell its analytical services business, alleging that the buyer failed to fulfil its obligations.

The Canadian firm agreed to sell its analytical wing to an unnamed buyer in December as part of a restructuring programme​ that would have left its bioanalytical services unit as its only remaining division.

In a statement issued on February 14 Warnex said: “it will not proceed with the previously announced sale of its analytical services division due to the failure of its prospective purchaser to perform its obligations as contemplated by the binding agreement entered into between the parties​."

It also said that it is evaluating all legal recourses, but gave no additional details.

Warnex did not say if either the deal can be salvaged or if - in the event that it cannot be resurrected - it intends to seek a new buyer when contacted by Outsourcing-pharma.com.

Delisting

The news comes at a busy time for Warnex, which is working to maintain its public status.

In January the contract services firm​ said that it would leave the Toronto Stock Exchange (TSX) on February 13 after it failed to meet the index' requirements for continued listing.

And - while this deadline has come and gone - Warnex is still due to leave the exchange before the end of the month.

A Warnex spokeswoman told Outsourcing-pharma.com that: "Warnex is still listed on the TSX until February 27​" and "is seeking a listing of its shares on another exchange​."

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