December 6, 2010
French Firm Closes Acquisition Of Framingham's GTC
By Matthew L. Brown
The $18.3-million acquisition of Framingham-based GTC Biotherapeutics Inc. by LFB Biotechnologies of France has been completed.
LFB bought GTC in a private placement for $0.30 per share.
The merger makes GTC a wholly owned subsidiary of LFB. GTC's shares will no longer be traded on the over-the-counter market.
As a majority shareholder, LFB has been pumping cash into GTC for years and offered to buy the struggling drug developer in October.
GTC axed its former CEO and about 50 staffers in June as a condition of securing $7 million in debt financing from LFB.
GTC is developing drugs based on proteins produced by genetically modified goats and other animals.
For more on the company and its relationship with LFB, click here.
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