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In Brief: Cambridge Biotech

This article was originally published in The Gray Sheet

Executive Summary

Cambridge Biotech: Agrees to sell its enteric product line to Meridian Diagnostics for $5.5 mil. cash plus a $200,000 advance payment in royalties and other considerations. Meridian's counterbid offer, which topped a previously announced $4.5 mil. agreement with Carter-Wallace ("The Gray Sheet" May 13, In Brief), was approved by the U.S. Bankruptcy Court, which is overseeing Cambridge's reorganization under Chapter 11 of the bankruptcy code. Through the reorganization plan, Cambridge is selling its diagnostic businesses to focus entirely on "therapeutic and prophylactic vaccines for infectious diseases, and immunotherapeutics for cancer," the firm says. A hearing is planned to select a "winning bid" for Cambridge's retroviral business, for which a $6.5 mil. sale agreement to bioMerieux Vitek was announced in April. Interested parties had until June 11 to submit counterbids for the retroviral business. The U.S. Bankruptcy Court will review Cambridge's overall restructuring plan at a July 15, 1996 hearing...

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