Thebarton, Australia-based Bionomics Ltd. agreed to sell its two French subsidiaries to Domain Therapeutics SA for about €1.8 million.
The units being sold in the transaction are Neurofit SAS and PC SAS, which operate as contract research organizations in France.
Bionomics said the purchase price is equivalent to the intercompany debt it owed to Neurofit and PC for the scientific research services conducted on its drug candidates. Following the transaction, Illkirch-Strasbourg, France-based Domain Therapeutics will assume the debt.
The acquisition offer is subject to conditions, including the signing of definitive contractual documentation and regulatory approval.
Completion of the deal is expected to occur Jan. 31, 2020.