Delaware Valley University will receive $2 million in exchange for giving up its stake in the Pennsylvania Biotechnology Center in Buckingham, the scientific research center and business incubator it founded more than 10 years ago in partnership with the nonprofit Hepatitis B Foundation.
The agreement, announced by the university and foundation in a joint statement Thursday, brings to an end a contentious battle over control of the center. It also paves the way for a long-awaited, $10.6 million expansion of the center to accommodate the needs of existing and future tenants.
“While both partners have been committed to the success of the center, different visions have arisen over the governance, management and future of the center,” the university and foundation said. “After significant negotiations, the partners have mutually agreed to terminate the partnership. They have satisfied themselves that while their expectations and visions for the center may differ, they are each motivated by the continued success of the center.”