"We are very pleased to close on the sale of our bioseparations business to KKR" said
Subject to the terms and conditions of the share purchase agreement with KKR, the Company is entitled to receive up to an aggregate of
As a result of the closing of this transaction, the principal amount available under the non-revolving
The Company expects to provide additional details regarding the accounting treatment of the gain to be recognized on the sale of PBL as part of its annual report and fourth quarter 2019 financial results.
About
Liminal BioSciences is an innovative biopharmaceutical company with a broad pipeline of small molecule therapeutics under development to treat unmet needs in patients with liver, respiratory and kidney disease, with a focus on rare or orphan diseases. Liminal BioSciences' research involves the study of several G-protein-coupled-receptors, GPR40, GPR84 and GPR120, known as free fatty acid receptors (FFAR's). These drug candidates have a novel mechanism of action as agonist ("stimulator") of GPR40 and GPR 120, and antagonist ("inhibitor") of GPR84. Our lead drug candidate, PBI-4050, is expected to enter Phase 3 clinical studies for the treatment of Alström Syndrome after further consultation and approval by the U.S. Food and Drug Administration ("FDA") and the
Liminal BioSciences has also leveraged its experience in bioseparation technologies through its wholly-owned subsidiary
Liminal BioSciences has active business operations in
Forward Looking Statement
This press release contains forward-looking statements about Liminal BioSciences' objectives, strategies and businesses that involve risks and uncertainties. Forward‐looking information includes statements concerning, among other things, statements with respect to the timing of any planned Biologics License Application filing, timing of initiation of Liminal BioSciences' planned clinical trials, the payment of the Holdback Amount, the achievement of annual PBL revenue threshold and the correlated deferred payments and the provision of details regarding the accounting treatment of the gain to be recognized on the sale of PBL.
These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, Liminal BioSciences' ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Liminal BioSciences' to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations in the Annual Information Form for the year ended
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