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[genet-news] BUSINESS & ANIMALS: French company LFB Biotechnologies to take GTC Biotherapeutics private



                                  PART 1


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TITLE:   FRENCH COMPANY TO TAKE GTC PRIVATE

SOURCE:  The Boston Globe, USA

AUTHOR:  

URL:     http://www.boston.com/business/healthcare/articles/2010/11/09/french_company_to_take_gtc_private/

DATE:    09.11.2010

SUMMARY: "GTC Biotherapeutics Inc., a Framingham company that made news last year for becoming the first to win federal approval to manufacture a drug by using genetically modified animals, has entered into a stock purchase and merger agreement with LFB Biotechnologies of France under which LFB has agreed to take GTC private for 30 cents per share."

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FRENCH COMPANY TO TAKE GTC PRIVATE

GTC Biotherapeutics Inc., a Framingham company that made news last year for becoming the first to win federal approval to manufacture a drug by using genetically modified animals, has entered into a stock purchase and merger agreement with LFB Biotechnologies of France under which LFB has agreed to take GTC private for 30 cents per share. The opening and closing prices of GTC common stock on Friday were 28 cents per share, the company said. The deal?s aggregate purchase price is about $2.7 million, GTC said. In early 2009, the Food and Drug Administration approved GTC?s ATryn, an anticlotting drug made using genetically modified goats; GTC engineered the herd to secrete a therapeutic protein in the milk. Earlier this year, the company announced a restructuring that included job cuts.



                                  PART 2

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TITLE:   GTC BIOTHERAPEUTICS, INC. AGREES TO BE TAKEN PRIVATE FOR USD 0.30 PER SHARE

SOURCE:  GTC Biotherapeutics, USA

AUTHOR:  Press Release

URL:     http://www.transgenics.com/pressreleases/pr110810.html

DATE:    09.11.2010

SUMMARY: "GTC Biotherapeutics, Inc. announced today that it had entered into a Stock Purchase and Merger Agreement with LFB Biotechnologies, S.A.S., Les Ulis, France , pursuant to which LFB has agreed to take GTC private for $.30 per share."

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GTC BIOTHERAPEUTICS, INC. AGREES TO BE TAKEN PRIVATE FOR USD 0.30 PER SHARE

Framingham, MA November 8, 2010 - GTC Biotherapeutics, Inc. announced today that it had entered into a Stock Purchase and Merger Agreement with LFB Biotechnologies, S.A.S., Les Ulis, France (LFB), pursuant to which LFB has agreed to take GTC private for $.30 per share. The opening and closing prices of GTC Common Stock on Friday, November 5, 2010 on the over the count markets were both $.28 per share. The agreement provides for the sale of approximately 61,100,000 shares of GTC Common Stock to LFB in a private placement for $0.30 per share, for an aggregate purchase price of approximately $18.3 million. Following completion of the private placement and the conversion of convertible preferred stock of GTC owned by LFB, LFB will own at least 90% of GTC's outstanding Common Stock. Following the private placement, LFB has agreed to effect a short-form merger in accordance with Massachusetts law cashing out all minority shareholders for $0.30 per share, for an aggregate purchase p
 rice of approximately $2.7 million. A special committee of independent directors of the GTC Board of Directors formed to consider the proposed transaction has unanimously determined that this transaction is advisable and in the best interest of the Company and its shareholders, and recommended that the full GTC Board of Directors approve this transaction.



                                  PART 3

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TITLE:   FRENCH BIOTECH TO BUY GTC

SOURCE:  Xconomy, USA

AUTHOR:  Ryan McBride

URL:     http://www.xconomy.com/boston/2010/11/08/french-biotech-to-buy-gtc/

DATE:    08.11.2010

SUMMARY: "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."

----- archive: http://www.genet-info.org/information-services.html -----


FRENCH BIOTECH TO BUY GTC

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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