JERSEY, Channel Islands, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company, today announced it has entered into definitive agreements for the sale and leaseback of its recently completed Biocampus facility located near Edinburgh, Scotland.
Biocampus is a state-of-the-art facility designed to house Quotient’s rapidly growing liquid reagent manufacturing operations, research and development laboratories and related management offices. These activities are currently spread over three sites. The Biocampus facility was designed and built with the support of Scottish Enterprise.
Under the terms of the definitive sale and leaseback agreements, Quotient will receive gross proceeds from the sale totaling £14.95 million, or $20.9 million. After deducting the rental deposit required under the lease and selling costs, net proceeds available to the Company for working capital purposes will be approximately £10.9 million, or $15.3 million. In return, Quotient has entered into a 35-year lease over the Biocampus facility. Completion of the sale and commencement of the lease is expected on March 16, 2018.
“I am very pleased to announce the sale and leaseback of the Biocampus facility, which will free up capital to support the commercial launch of MosaiQ,” said Paul Cowan, Quotient’s Chairman and Chief Executive Officer. “The Biocampus facility confirms our commitment to the $3.4 billion global transfusion diagnostics market and will provide capacity and know how to supply many of the reagent requirements for MosaiQ as it establishes its market presence.”
About Quotient Limited
Quotient is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets. With an initial focus on blood grouping and serological and molecular disease screening, Quotient is developing its proprietary MosaiQ™ technology platform to address the $3.4 billion global transfusion diagnostics market. The Company's operations are based in Switzerland, Scotland and the US.
The Quotient logo and MosaiQ™ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions.
CONTACT:Chris Lindop, Chief Financial Officer — email@example.com; + 41 799 61 69 38
Source: Quotient Limited