HAMBROS BANK STARTS INVESTMENT FUNDHambro International Equity Partners III, a new fund focusedon equity investments in private U.S. companies, said Mondayit has been launched with more than $20 million in fundingfrom Hambros Bank of London and Mitsubishi Corp.
The New York-based fund hopes to raise a total of $150 millionto $200 million, of which 10 percent to 15 percent will beinvested in the biotechnology sector.
Ten percent of the fundLs capital will be allocated to seedcompanies, 20 percent to start-ups, 30 percent to expansionfinancing and 40 percent to growth buyouts. Investments willrange from $250,000 to $5 million, Hambro said. -- KB
MONSANTO'S BST APPROVED FOR EUROPE
Monsanto Agricultural Co. said the European Community'sCommittee for Veterinary Medicinal Products (CVMP) hasapproved the companyLs bovine somatotropin (BST) for use inthe EC.
CVMP approval is required before a company can apply tomarket a drug in individual EC member countries. ButMonsanto will be unable to market BST until at least 1992because of a European parliament moratorium on BST use,currently scheduled to run through the end of this year.
Monsanto estimates the EC market for BST, which is used toincrease milk production in cows, at $250 million a year.
CO-DEVELOPMENT OF DNA SEQUENCING METHOD
Life Technologies Inc. of Gaithersburg, Md., said Monday it hassigned an agreement with the Los Alamos National Laboratoryof New Mexico to develop new methods that increase the speedand lower the cost of DNA sequencing. The new technology isintended to expedite the Human Genome Project. The three-year project will match LTI's (NASDAQ:LTEK) expertise inenzymology and nucleic acid chemistry with Los Alamos'expertise in detection technology and instrumentation.
ABBOTT, MERCK SIGN SUPPLY AGREEMENT
Abbott Laboratories of Abbott Park, Ill., and E. Merck & Co. ofDarmstadt, Germany, on Monday said they have signed a long-term supply agreement for diagnostic test reagents andinstruments. Merck will supply Abbott's Diagnostics Divisionwith diagnostic test reagents that Abbott will market tohospitals and private laboratories. The worldwide market forclinical chemistry products is about $3.2 billion. The companiesalso signed a letter of intent to form a research anddevelopment joint venture in clinical chemistry.
GENELABS RAISES $7.8M IN PRIVATE PLACEMENT
Genelabs Technologies Inc. of Redwood City, Calif., said it hasraised $7.4 million in a private placement of $4.5 million incommon stock and $2.9 million worth of convertibledebentures with institutional investors. The company, which isprivately held, did not disclose the identities of the investors.
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