Applied Microbiology Inc. said Tuesday that it completed itspreviously announced acquisition of Aplin & Barrett Ltd. andcertain technology in a stock transaction valued at $37.2million.
AMI of New York acquired the company from Burns, Philp &Co. Ltd. of Australia, a food processing conglomerate, inexchange for 9.3 million AMI (NASDAQ:AMBI) shares.
Aplin & Barrett of Dorset, England, is a major worldwidesupplier of nisin, a natural anti-microbial agent produced fromfermented milk and used as a food preservative.
Burns, Philp is to receive an additional 935,000 AMI shares in1993 if Aplin & Barrett meets certain sales targets. Burns, Philpalso agreed to make a $1.5 million investment in AMIpreferred convertible stock.
AMI was formed in 1983 to commercialize discoveries made bythe city-owned Public Health Research Institute of New York.AMI in 1989 acquired exclusive rights to pharmaceutical usesof nisin, which it markets under the Ambicin-N and Ambicin-Ltrademarks as anti-microbial agents
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