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Sosei to sell subsidiary to Formosa Laboratories unit

Sosei Group Corp. divested its wholly owned subsidiary Activus Pharma to Formosa Pharmaceuticals Inc., a unit of Formosa Laboratories Inc.

Sosei will receive $3.5 million in upfront cash as well as royalties from commercialization of certain products. The company will also receive payments tied to the achievement of certain milestones.

The share transfer agreement will be concluded by Aug. 8, and the closing date of the agreement will be Aug. 10.

Sosei said the transaction will result in a small profit in the current financial year and an additional benefit will be seen from a reduction in operating costs.