US pharmaceutical company Tripos Inc. has agreed to sell its UK-based Discovery Reasearch division to Provid Pharmaceuticals Inc., a drug discovery company based in New Jersey. 

Provid will pay approximately $2m for the stock of Discovery Research, subject to adjustments at closing, and the business will continue to operate as an independent private company after the sale. 

In a statement, Tripos said that the deal is subject to a number of conditions, including Provid's ability to obtain acquisition financing, receipt of certain customer consents, resolution of repayment obligations under certain UK government economic development grants, and limited post-closing indemnification. 

Based in Bude, Cornwall, Discovery Research now has around 170 employees and operates from a 65,00 sq. ft. state of the art facility, discovering and developing new drugs. It has successfully completed over 60 projects since its beginnings in 1997. 

Tripos also recently agreed to sell its Discovery Informatics business to Vector Capital, and both deals are expected to be completed during the first quarter of this year.