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MDS reorganizes proteomics division


Toronto, ON – July 30, 2004 – MDS says it has completed reorganization of its MDS Proteomics division. The reorganized company, which has been renamed Protana, will focus on the provision of biomarker identification, lead optimization and protein analysis services.

The key impacts of this reorganization on MDS include:
– the reduction of MDS’s ownership in Protana to 48%, which is expected to eliminate the future impact of Protana’s operating results on reported operating earnings for MDS.
– a total of $15 million, which will be paid by MDS to gain access to tax assets and an ongoing technology licensing agreement. On closing, Protana will receive $10 million for the tax assets and the technology licensing agreement. A final $5 million technology licensing payment will be paid one year after closing.