Langlois Kronström Desjardins represented IMS Health Incorporated’ (“IMS Health”) subsidiaries in the acquisition of substantially of the assets of Diversinet Corp. (“Diversinet”), a Canadian public company, pursuant to an asset purchase agreement (“Agreement”).
Under the Agreement, IMS Health has purchased substantially all of the intellectual property, software, customer contracts and certain other assets of Diversinet for C$3,500,000. An amount equal to one-half of the sale proceeds has been deposited with an independent escrow agent to be available to satisfy indemnity claims by IMS Health, if any, made prior to the proposed winding-up described below. Certain employees of Diversinet have accepted employment by IMS Health. On September 11, 2013, at the annual and special meeting of shareholders (“AGM”), Diversinet shareholders approved the sale transaction.
Diversinet, headquartered in Toronto, Ontario, is a provider of ultra-secure, patented mobile technologies and connected health solutions.
IMS Health, headquartered in Danbury, Connecticut, is a provider of information solutions for pharmaceutical and healthcare industries.