Genzyme Transgenics Corp. agreed to buy BiodevelopmentLaboratories Inc. (BDL) for stock and other considerations valued at$6 million.
Biodevelopment, with 80 employees at two facilities in Cambridge,Mass., had 1994 revenues of about $7.8 million. It provides testingand development services for the biopharmaceutical, medical deviceand chemical industries.
Genzyme Transgenics, of Framingham, Mass., will issue new sharesvalued at $2.6 million, will assume BDL's $2.7 million debt, andprovide other considerations. The stock will be sold at an averageprice prior to the expected June 30 closing date. At GenzymeTransgenics' (NASDAQ:GZTC) $3.13 closing price Thursday, BDLstockholders would get about 830,000 shares.
Genzyme Corp., which owns 43 percent of Genzyme Transgenics,agreed to exchange up to 43 percent of the newly issued shares forGenzyme Corp. shares.
The company said the transaction, together with its October 1994acquisition of TSI Corp., "establishes the broadest set of scientificcapabilities of any company in the nonclinical contract researchorganization industry."
Kathleen Rinehart, Genzyme's corporate communications supervisor,said Genzyme Transgenics is committed to growing its preclinicalservices. The company already is producing proteins in the milk oftransgenic goats and other animals. The BDL and TSI purchases givethe company expertise in pharmacokinetics, drug formulation,experimental medicine and reproductive toxicology. _ Jim Shrine
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