Corange Ltd. announced that it has raised $300 million from theprivate placement of senior notes that are due in the years2002/2008. The Deutsche Bank AG London arranged the transactionand Metropolitan Life Insurance Co. and the Prudential Insurance Co.of America provided the funding.
In the past three months, privately held Corange of Hamilton,Bermuda, invested almost $300 million in two biotechnologycompanies. In October Corange has invested $75 million in ProteinDesign Labs Inc. and in December it signed a deal with CellPro Inc. toinvest up to $220 million (see BioWorld, Dec. 7).
(c) 1997 American Health Consultants. All rights reserved.