GTC to go private for $18M
Framingham biotechnology firm GTC Biotherapeutics Inc. has agreed to be taken private by French strategic partner LFB Biotechnologies for about $18.3 million. LFB first made its offer last month for $17 million.
The private placement amounts to about 61.1 million shares of GTC common stock being taken private for a purchase price of 30 cents per share. The company’s stock closed Friday at 28 cents per share. After the purchase and conversion of GTC stock, LFB will own at least 90 percent of GTC common stock.