LFB Biotechnologies of France has offered to buy Framingham-based GTC Biotherapeutics, taking it private in the process, for about $17 million.
As proposed by LFB, the transaction would allow LFB to purchase 61 million shares of GTC common stock in a private placement for about $0.28 per share.
LFB already owns a substantial amount of GTC stock and has been pumping cash into the struggling biotech firm for years. In June, GTC received $7 million in debt financing from LFB, fired 50 staffers and its CEO.
The proposed buy would give LFB ownership of about 90 percent of GTC stock.
LFB would follow up the transaction with a cash-out of minority shareholders.
GTC’s board of directors has formed a committee of independent directors to evaluate and negotiate the LFB offer.
GTC makes drugs developed in the milk of genetically modified goats.
