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NORTH AMERICAN BIOLOGICALS TO ACQUIRE INTERNATIONAL BIOLOGICALS BUSINESS AND ALL OUTSTANDING STOCK HELD BY ITS CONTROLLING SHAREHOLDER

NORTH AMERICAN BIOLOGICALS TO ACQUIRE INTERNATIONAL BIOLOGICALS BUSINESS
 AND ALL OUTSTANDING STOCK HELD BY ITS CONTROLLING SHAREHOLDER
 MIAMI, Nov. 20 /PRNewswire/ -- North American Biologicals, Inc., (NASDAQ: NBIO) (NABI) today announced that it has signed definitive agreements to acquire the international plasma-based biologicals business of Continental Pharma Cryosan Inc. (CPCI) of Montreal, Canada, as a natural extension of NABI's core business. Simultaneously, NABI also will acquire all the NABI common and preferred stock currently owned by CPCI.
 NABI will pay CPCI approximately $20 million in cash and cash equivalents, plus additional cash based on sales over a minimum period of seven years. NABI values these future payments at approximately $7 million. Upon consummation of the agreement, which is expected to occur during the first quarter of 1992, CPCI will no longer be entitled to elect directors to NABI's board of directors.
 "With this acquisition, NABI anticipates annualized sales in 1992 in excess of $100 million, with improved profitability. Overall, this transaction will enable NABI to maximize potential opportunities in the growing market for plasma-based products, and enhances our direct marketing capabilities in Europe, Japan and Latin America. This considerably strengthens our position as the world's leading independent provider of plasma and plasma-based products," commented David J. Gury, NABI president and chief operating officer.
 Under the agreement, NABI will acquire approximately 6.2 million common shares representing approximately 42 percent of its outstanding common shares and all of its outstanding preferred shares, which entitle their holder to elect a majority of NABI's board of directors. The acquired shares will be retired. At the same time, NABI will purchase certain assets and the entire distribution system of CPCI's biologicals division, which distributes source plasma and plasma-based derivative products in Europe and other international markets.
 The transaction is subject to a number of conditions, including receipt of financing by NABI, receipt of fairness opinions by NABI and CPCI, and approval of the transaction by CPCI's shareholders. Financing for the transaction is expected to be comprised of senior and junior debt, as well as equity.
 Continental Pharma Cryosan Inc. is a Montreal-based international healthcare company with its core business in the collection, processing, marketing and sales of biological-based pharmaceuticals. CPCI has held a controlling interest in NABI since 1984.
 North American Biologicals, Inc., headquartered in Miami, Fla., is the world's largest independent provider of human blood plasma elements to the health care industry. The company collects, processes, tests and distributes human-blood-related products, manufactures and markets plasma/sera-based diagnostic products and markets clinical diagnostic testing services.
 -0- 11/20/91
 /CONTACT: David J. Gury, president; or Alfred J. Fernandez, vice president of finance, 305-628-0080, of North American Biologicals; or Marcia A. Kean, of Feinstein Partners, 617-577-8110, for North American Biologicals/
 (NBIO) CO: North American Biologicals, Inc.; Continental Pharma Cryosan, Inc. ST: Florida IN: MTC SU:


SH-KM -- NE001 -- 5284 11/20/91 09:15 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:478
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