Centocor Inc. said Friday that it will distribute $12.4 million tothe limited partners of Centocor Partners II L.P. to exercise itsoption to buy the limited partnership interests.
By exercising the option, the Malvern, Pa., company(NASDAQ:CNTO) will retain rights to Centoxin, its monoclonalantibody to treat gram-negative sepsis, as well as certaincancer imaging agents in early development. Centocor will alsomake future payments based on sales of products developedby CPII, which raised $55 million in 1986.
Centocor shares rose $1.63 Friday to $35.63. Last Wednesday,Centocor stock fell $8.13 to $33.13 after the company said theFDA has requested more information on Centoxin.
After the distribution, Centocor will have cash resources of$180 million to $190 million.
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