Printer Friendly


 MINNEAPOLIS, July 30 /PRNewswire/ -- The boards of Techne Corporation (NASDAQ-NMS: TECH) and British Bio-technology Group plc (BBG) announce that the sale of British Bio-technology Products Limited (BBP) to Techne was completed today. This follows the June 29, 1993 announcement of an agreement in principle to purchase BBP.
 Terms of purchase
 BBP was purchased for $2.3 million in cash, its approximate net asset value at June 30, 1993, and a warrant to purchase 50,000 shares of Techne's common stock.
 New research agreement
 In a separate development, Techne and BBG have agreed to enter into a joint biological research agreement under which Techne will pay BBG research fees for the exclusive rights to develop, manufacture and sell products to the basic research reagent or diagnostic markets arising from technologies developed by BBG. Under the terms of this agreement, BBG will receive funding of up to $5.0 million over the four years to June 30, 1997.
 Information on British Bio-technology Products
 BBP is involved in the manufacture, marketing and distribution of reagents and assays. BBP was formed as the laboratory products division of BBG in 1987. Since that date, sales have risen to $7.95 million in the year ended April 30, 1993 and the business recorded profits before and after tax of $613,500 for that year. Approximately 75 percent of the sales of BBP are derived from bought-in products under distribution agreements. The most important of these agreements relates to the European distribution rights for R&D Systems, a subsidiary of Techne.
 BBG is an emerging pharmaceutical company, founded in 1986, which is currently pursuing research and development in: inflammation and inflammatory diseases such as asthma and arthritis; cancer; vascular diseases such as thrombosis and heart attack; and the immunotherapy of viral diseases, particularly AIDS. BBG has five potential pharmaceutical products in human clinical testing, including two in Phase II. The company is based in Oxford, England, and is listed on the London Stock Exchange and quoted on NASDAQ.
 Techne Corporation is a Minnesota-based company with one U.S. operating subsidiary, Research and Diagnostic Systems, Inc. (R&D Systems). R&D Systems is a specialty manufacturer of biological products with separate biotechnology and hematology divisions. The biotechnology division specializes in the development and manufacture of cytokine proteins, antibodies, and in-vitro cytokine-related immunoassay kits for the worldwide basic research, clinical research and diagnostic markets. The hematology division develops and manufactures whole blood controls and calibrators which are used to verify the accuracy of blood cell counting instruments in clinical laboratories, hospitals and physicians' offices. R&D Systems is the world's largest manufacturer of cytokine research reagents and related immunoassay kits, and one of the three largest manufacturers of hematology controls. BBP was R&D Systems' European distributor of its biotechnology division products. R&D Systems' annual sales are approximately $28.7 million. Techne is traded on the NASDAQ National Market System and is listed under the TECH symbol.
 -0- 7/30/93
 /CONTACT: Katie Arber, public relations (Oxford), 011-44-0865-748747, or Anne McBride, corporate communications (New York), 212-688-1036, both of BBG; or Lea Simoane, Techne investor relations, 612-379-8854/

CO: Techne Corporation; British Bio-technology Group plc;
 British Bio-technology Products Limited ST: Minnesota IN: MTC SU: TNM

KH -- MN008 -- 7677 07/30/93 10:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters