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.”
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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