Glaxo Canada Inc. has purchased 333,333 shares of IAFBioChem International Inc. of Canada for U.S.$10.44. (C$12) ashare.
Glaxo's investment is part of a 1990 agreement under whichthe companies formed a 50-50 joint venture to develop andcommercialize compounds discovered by IAF to treat cancerand viral diseases. The deal calls for Glaxo Canada, a whollyowned subsidiary of British-based Glaxo Holdings plc, toinvest $21.5 million in IAF of Laval, Quebec.
Glaxo will purchase an additional 333,333 shares for $11.31and 333,334 shares for $11.74 on July 24, 1992. Glaxo hasalready acquired 1 million shares at $10.30 each.
IAF BioChem stock (NASDAQ:BCHXF) closed at $24.88, up 25cents, on Tuesday.
IAF Biochem last week said it has signed a previouslyannounced accord with IFCI Holding International SA to acquirefor $11.4 million a 70 percent interest in its two Italiansubsidiaries, IFCI CloneSystems SpA. and Chemila SpA.
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