Synavant, a customer relationship management and interactive marketing firm focused on the biotech industry, sold its marketing division to a French company for $43.5 million in cash.
Synavant (Nasdaq: SNVT) disclosed the sale to Groupe Cegedim of France on Monday.
Synavant stock had been selling for less than $1. The news sent the firm’s stock up 56 cents on Monday, closing at $1.51.
The interactive marketing produce produced $50 million in revenues for fiscal year 2002.
“After a thorough review of strategic alternatives available to the company, it became apparent that our CRM technology services and interactive marketing businesses have different characteristics and that shareholder value could be enhanced by their separation,” said Wayne Yetter, chairman and chief executive officer of Synavant, in a statement.
Cegedim provides a variety of services related to medical information.