GLAXO DOUBLES IT'S PARTICIPATION IN BIOCHEM PHARMA INC.
LAVAL, Quebec, Jan. 18 /PRNewswire/ -- Today Glaxo Canada, subsidiary of Glaxo Holdings p.l.c. (U.K.) (NYSE: GLX), exercised its option to purchase approximately 3.9 million common shares of BioChem Pharma Inc., at an exercise price of $7.80 per share for a total of $30.3 million. The option was granted to Glaxo in January 1991, under the agreements between the companies covering the research and development of compounds discovered by BioChem for the treatment of viral diseases and cancer. This $30.3 million additional investment brings to around $72 million the equity and research investments by Glaxo in BioChem since 1990. Glaxo now holds around 17 percent of BioChem's common shares. "We believe this additional commitment from Glaxo is a very significant vote of confidence in our company" said Fracesco Bellini, President and CEO of BioChem Pharma Inc. BioChem Pharma is a pharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases. The company's shares are traded on the Montreal and Toronto stock exchanges (BCH) and on the NASDAQ stock market (BCHXF). -0- 1/18/93 /CONTACT: Jean-Yves Duthel, vice-president - public relations of BioChem Pharma Inc., 514-681-1744; or Luc Beauregard or Michele Roy of National Public Relations Inc., 514-843-7171/ (GLX)
CO: Glaxo Canada; Glaxo Holdings p.l.c. ST: Quebec IN: MTC SU:
AH -- NY018 -- 5810 01/18/93 10:14 EST
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|Date:||Jan 18, 1993|
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