Nucryst to Sell Operations and Assets to Smith & Nephew, Merge with Westaim
Wed, 11/11/2009 - 3:32am
TORONTO — Nucryst Pharmaceuticals Corp. said Tuesday it has signed a deal to sell its all of its operations and assets including its nanocrystalline silver technology and merge the company with its majority shareholder. The company said is has agreed to sell its operations for US$21 million to Smith & Nephew, a medical technology company. Nucryst also said it has entered into an amalgamation agreement with Westaim Corp., which owns a 75 per cent stake in Nucryst. Nucryst shareholders other than Westaim will receive one redeemable preferred share in the new company, which will be redeemed for US$1.77 in cash after the amalgamation. Shares in Nucryst, which announced the moves after the close of markets, were down two cents at C$1.05 on the Toronto Stock Exchange on Tuesday.