CELLEX BIOSCIENCES ANNOUNCES AGREEMENT TO JOIN FORCES WITH LSL GROUP, LTD.
MINNEAPOLIS, Nov. 11 /PRNewswire/ -- Cellex Biosciences, Inc. (NASDAQ: CLXX) announced today that it has signed a letter of intent to acquire all of the stock of LSL Group, Ltd. of Luton, England, and its European and U.S. subsidiaries. LSL Biolafitte, the French subsidiary of LSL Group, Ltd., manufactures and distributes fermentation and cell culture bioreactors, freeze dryers and filtration products. The fermentation and cell culture bioreactors sold under the LSL Biolafitte name and the freeze dryer family of products marketed under the LSL Secfroid name are sold worldwide through direct sales, distributors and agents. LSL Group has installed over 1,750 bioreactor systems worldwide. Following the purchase, Cellex Biosciences intends to operate LSL Group's business as a wholly owned subsidiary. The LSL Group recognized approximately $12 million in consolidated revenue for the fiscal year ended June 30, 1993. Commenting on today's announcement, Richard E. Sakowicz, president and chief operating officer of Cellex Biosciences, said, "The combination of these two companies will be a major milestone in the development of the company's bioprocessing business. The union of Cellex Biosciences and the LSL Group will create a unique and formidable force in the bioprocessing industry in which one company has available all of the proven bioprocessing technologies to meet the needs of its customers." Sakowicz went on to say that, "The LSL Group has a large and comprehensive family of fermentation and cell culture bioreactor products and a broad base of customers, both in the United States and in Europe. The addition of these products will allow Cellex Biosciences to address the needs of a large portion of the pharmaceutical and biotechnology industries, which have preferred to use LSL Biolafitte type stirred tank bioreactors for the production of therapeutics. We now have the largest, most comprehensive bioreactor product line in the industry." Patrick Gilgallon, chairman of LSL Group, Ltd., stated, "The combined product lines of Cellex Biosciences and LSL Biolafitte cover all of the proven bioreactor technologies and are highly complementary to each other. Their fusion into one integrated product line, offering today's biotechnologist a one-source, optimized solution to each of his bioreactor needs, will be welcomed by the industry. The combined resources of Cellex Biosciences and LSL Group, including full line manufacturing on two continents, positions the joint company to provide premium customer support services on an international basis." Completion of the acquisition is subject to various conditions, including the conclusion of Cellex Biosciences' due diligence investigation, approval of the Cellex Biosciences board of directors and final negotiations with the acquiree's financial institutions. The transaction is expected to close by Nov. 30, 1993. Cellex Biosciences, Inc., headquartered in Minneapolis, is dedicated to providing cell processing products and services to meet the needs of human health care and biotechnology markets worldwide. -0- 11/11/93 /CONTACT: Yvonne L. Marschner-Bova, director, Investor Relations of Cellex Biosciences, 313-871-7350/ (CLXX)
CO: Cellex Biosciences, Inc.; LSL Group, Ltd. ST: Minnesota IN: MTC SU: TNM
ML -- DE008 -- 3126 11/11/93 09:50 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 11, 1993|
|Previous Article:||CARR REALTY CORPORATION COOPERATES ON TRANSFER OF DENSITY RIGHTS|
|Next Article:||CHRYSLER FINANCIAL ANNOUNCES NOTE REDEMPTION|