UK drugmaker Ark Therapeutics has sold the majority of its wound care business to Crawford Healthcare for up to £2.7 billion, ticking off one of the objectives announced in the firm's restructuring plans last year.

Under the terms of the deal, Ark stands to receive £765,000 in cash, payable on completion of the sale, as well as up to a further £1.94 billion from the purchaser if certain revenue and other milestones are achieved.

In return, Crawford will get its hands on the entire issued share capital of Ark's woundcare business Patient Plus Limited, and other assets such as certain related intellectual property. 

According to Ark, divesting its woundcare business is in best interests of shareholders "for a number of reasons". In the first instance, the move will generate cash for the company's ongoing business, as well as enable management to focus on the development and commercialisation its core activities, it said.

Explaining its interest in the deal, Crawford said it expects the acquisition of Ark's business to boost UK revenues by £3 million, and significantly increase its operating profit.