Techne Corp. and British Bio-technology Group plc (BBG) ofOxford, England, announced that the sale of British Bio-technology Products Ltd. (BBP) to Techne has been completed.
BBP was purchased for $2.3 million in cash and a warrant topurchase 50,000 shares of Techne common stock. BBP wasestablished as the laboratory products division of BBG in 1987,manufacturing, marketing and distributing reagents andassays.
In a separate development, Techne (NASDAQ:TECH) and BBG(NASDAQ:BBIOY) have agreed to enter into a joint biologicalresearch agreement under which Techne will pay BBG researchfees for the exclusive rights to develop, manufacture and sellproducts to the basic research reagent or diagnostic marketsarising from technologies developed by BBG. Under the termsof this agreement, BBG will receive funding of up to $5 millionover four years.
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