Wyeth buys Thiakis

Imperial Innovations has announced that Thiakis, a company in which it has a 23.7 per cent stake, has been sold for £100m to US-based Wyeth Pharmaceuticals.

The deal involves an upfront payment of £20m, followed by additional potential payments of £80m dependent on the performance of Thiakis’s obesity therapy products.

In total Imperial Innovations could receive cash payments amounting to £22.2m from the sale.

As well as the value realised by Imperial Innovations, the company will retain rights to royalties on sales of Thiakis’s product family through an ongoing exclusive licence.

Susan Searle, chief executive of Imperial Innovations, said: ‘This is highly significant news for Imperial Innovations as it demonstrates the value of our approach and the quality of the companies we choose to work with and help to develop.

‘We are delighted that Wyeth is to take on the development of Thiakis’s product.

‘It is a well resourced global business capable of funding the considerable costs of this project and taking it to market.

‘The potential additional financial upside of a royalty-based revenue stream for Imperial Innovations reinforces the validity of our business model.’