Houghten deal

HPIP signed a letter of intent to sell its Multiple Peptide Systems (MPS) subsidiary for $2.25 million to a company to be formed by HPIP founder Richard Houghten. MPS, which manufactures and markets peptides and combinatorial libraries for research, posted revenues of $1.7 million in the first nine months of 1996.

HPIP will receive $1.5 million in 1997, and the balance will be paid in installments on the third, fourth, and fifth anniversaries of the deal. ...