Cellex Biosciences Inc. has finalized an agreement to acquire allthe capital stock of LSL Group Ltd. of the United Kingdom andits European and U.S. subsidiaries. A letter of intent for theacquisition was announced in November (see BioWorld, Nov.12).
In connection with the deal Cellex said Tuesday that it hasjoined forces with LSL Biolafitte, the French subsidiary of LSLGroup, which manufactures and distributes fermentation andcell-culture bioreactors, freeze dryers and filtration products.The LSL Group has installed more than 1,750 bioreactorsystems worldwide and reported consolidated revenues of $12million for the fiscal year ended June 30.
Cellex, which provides cell processing products and services tohealth-care and biotechnology institutions, has issued anaggregate 1.5 million shares of common stock and promissorynotes in an aggregate amount of approximately $1.1 million toLSL Group shareholders.
Cellex (NASDAQ:CLXX) of Minneapolis said it may be obligatedto issue an additional 500,000 shares to LSL shareholders uponcompletion of an audit of LSL's financial statements, providedthat the statements meet certain criteria. The promissory noteswill be due 36 months from the date of issuance but will beaccelerated and payable in full upon Cellex's notice ofredemption of the warrants issued in its May 1993 publicoffering. -- Brenda Sandburg
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