Cambridge Biotech Corp. said Thursday that it completed apreviously announced acquisition of 15 percent ownership ofImmuCell Corp. for $600,000.
Under the deal announced on June 23, Cambridge Biotech ofWorcester, Mass., has options to raise its stake to a controlling49 percent interest of ImmuCell within two years.
Both companies have spoken of potential collaborations thatwould combine CBC's vaccines and adjuvants with ImmuCell'swork on a passive immune therapy and veterinary products.Those talks were kept to an early stage pending completion ofthe initial stock purchase, said Michael F. Brigham, chieffinancial officer of ImmuCell of Portland, Maine.
CBC has options to purchase additional ImmuCell shares at $2each in mid-1993 and at $4 in mid-1994, Brigham said.
ImmuCell (NASDAQ:ICCC) stock closed unchanged Thursday at$1.63 a share. CBC's stock (NASDAQ:CBCX) closed Thursday at $6a share, up 25 cents. On June 23 following the initialannouncement, ImmuCell closed up sharply at $1.88 a shareand CBC closed at $6.38 a share.
A majority of ImmuCell shareholders this week approvedincreasing their company's authorized stock to 8 million shares.With the stock purchased by CBC, ImmuCell has about 2.4million shares outstanding. ImmuCell shareholders also electedto the company's board Patrick J. Leonard, CBC's president andchief executive officer.
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