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GTC Biotherapeutics gets $17M offer to go private

Tue, 10/19/2010 - 9:33am
Mass High Tech: The Journal of New England Technology

GTC Biotherapeutics Inc., a Framingham biotechnology firm that has seen its operational funds dwindle and several employees laid off earlier this year, has received an offer from French strategic partner LFB Biotechnologies to take GTC private.

The offer from LFB was made for 61 million shares of GTC common stock, in the amount of 28 cents per share, according to a GTC press release. The $17 million purchase price would give LFB at least 90 percent ownership of GTC’s outstanding common stock.

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