French Biotech to Buy GTC

11/8/10

Framingham, MA-based GTC Biotherapeutics, the first company to get FDA approval of a drug derived from genetically modified animals, has struck a stock purchase and merger deal with LFB Biotechnologies, according to a press release. France’s LFB has agreed to take GTC private through its purchase of GTC stock for 30 cents per share or about $18.3 million. After the transaction, LFB will own 90 percent of GTC’s common stock. Also after the transaction, LFB has agreed to cash out all of GTC’s minority shareholders for a total purchase price of about $2.7 million. GTC’s shares are listed on the OTC Bulletin Board under the symbol “GTCB.”

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