GTC Biotherapeutics (fka GTCB)

[Old student]

"LFB to take over MAbgene
By Katrina Megget, 06-Sep-2006

French pharmaceutical firm LFB has announced its plans to incrementally acquire fellow biotech company MAbgene through the development of a new entity for a total of €6m.
The deal marks LFB's drive to increase its bioproduction facilities following its move into biotechnology last year.

The new company will be controlled by LFB subsidiary, LFB Biotechnologies, and will operate out of MAbgene's manufacturing site at Ales, southern France.

The terms of the current agreement stipulate that LFB Biotechnologies will acquire 41 per cent of the stock capital and 51 per cent of the voting rights in the new company for €3m upfront, meanwhile providing MAbgene with the funds needed to develop its activities, build new operating facilities and recruit additional personnel.

The objective is to fully acquire 100 per cent of MAbgene."


This is close to a cut and paste. Obtain 51% control and then acquire 100%.