Northern Ireland-based drug company Galen is to sell the last part of its pharmaceutical services division.
ICTI is to be sold for a cash consideration of about $16 million to a company controlled by Dr Allen McClay, the founder and former President of Galen.
Galen chief executive Mr Roger Boissonneault said the sale would allow Galen focus on its pharmaceutical products business.
In January, Dr McClay led a £25 million management buy-out of Galen's Chemical Synthesis Services (CSS), previously considered one of the key businesses in the group's pharmaceutical services division.
Galen said at the time the sale of CSS was part of its strategy to focus the group's attention and resources on its pharmaceutical products division, particularly in the lucrative US market.
Last year Galen raised £300 million in a share issue. The group said it intended to spend the money on acquisitions in the United States and was believed to be investigating a number of potential product acquisitions at this time.