Biomira Inc. announced Monday that it has purchased allremaining outstanding shares of ADI Diagnostics Inc. fromCambridge Biotech Corp. ADI of Toronto is now a wholly ownedsubsidiary of Biomira.
Biomira paid Cambridge Biotech C$2 million (about U.S.$1.5million) for the shares and will pay royalties to the Worcester,Mass., company on ADI's sales of certain products from 1995through 2001.
The two companies also exchanged some technologies. Inreturn for non-exclusive rights to its syphilis and hepatitistechnology, ADI will receive non-exclusive rights to certainCambridge Biotech technologies. Cambridge Biotech alsoreceived semi-exclusive rights to Biomira's cancer markers foruse in qualitative or semi-qualitative rapid single-testingformats; which Biomira will have a semi-exclusive worldwideright to distribute.
Biomira moved its diagnostics business into ADI in April 1992.ADI has been responsible for manufacturing and distributing ofBiomira's Truquant products, which include in vitro diagnostickits to detect gastrointestinal, ovarian and breast cancers, and ahuman anti-mouse antibody diagnostic. At the time of thetransaction, Cambridge Biotech purchased a 17 percent stake inADI for about $3 million. The company later increased its stakein ADI to 54 percent. -- Karl Thiel
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