Genelabs Technologies Inc. on Thursday said its Asiansubsidiary has purchased 2.5 million shares of common stock inDiagnostic Biotechnology (Pte) Ltd. for $1.79 million.
Genelabs Asia (Pte) Ltd. acquired the shares from VentureServices (Pte) Ltd., a venture capital company.
All three companies are located in Singapore. DBL is a privatelyheld company that commercializes and markets diagnostictechnologies and services, primarily in the Asian Pacific region.
Genelabs' purchase gives it 22 percent of DBL's 11.4 millionshares of common stock. Genelabs may acquire an additional11.1 million new shares under agreements signed In Februaryand December 1991 for various diagnostic products.
Genelabs Technologies of Redwood City, Calif., is developingtreatments for viral diseases and cancer. The "purchase ofDBL's stock will further strengthen our company's commitmentto serving the health care market in the Asian Pacific regions,"said Frank F.C. Kung, president and chief executive officer ofGenelabs Technologies.
Genelabs shares (NASDAQ:GNLB) closed Thursday at $8.88,down 13 cents. -- KH
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