IMSC will sell its explosives trace detection assets to L-3 for $117.5 million.
On October 10, Willkie client Implant Sciences (IMSC) announced that it will sell its explosives trace detection (ETD) assets to L-3 Communications for $117.5 million in cash. The asset purchase agreement constitutes L-3 as the lead bidder in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code. In connection with the sale, IMSC and its subsidiaries filed voluntary petitions under Chapter 11 in the Bankruptcy Court for the District of Delaware.
Implant Sciences is a leader in developing and manufacturing advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs. The company's team of dedicated trace detection experts has developed proprietary technologies used in its commercial products, thousands of which have been sold across more than 70 countries worldwide.
The Willkie deal team was led by partners Adam Turteltaub and Paul Shalhoub, and included associates Bradley Friedman, Jennifer Hardy, Timothy Porter, Debra McElligott and Sudeep Paul.