Medical research firm MDS Inc. is selling its Pharma Services Early Stage unit to two private equity firms for $45 million.
The sale to Bain Capital Ventures and SV Life Sciences is expected to close within the next two months. MDS says this transaction will complete its reorganization and allow the Toronto-based company to focus on its medical imaging, radiotherapeutics and sterilization businesses.
As part of the deal, MDS will close its Montreal development office and eliminate 225 jobs. About 50 other jobs will also be eliminated at MDS Pharma's nine other locations.
The sale includes operations in Lincoln, Neb.; Bothell, Wash.; Lyon, France; and Taipei, Taiwan. Those locations will become part of Concord, Ohio-based Ricerca Biosciences.