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Abraxis acquires minority stake in ProMetic

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By AP
05 September 2008 @ 06:11 pm EST

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LOS ANGELES - Abraxis BioScience Inc. said Friday a subsidiary bought more than 15 million common shares of ProMetic Life Sciences Inc., giving it a 4 percent stake in the Canadian biotech company.

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ABII	54.48	1.48
PLI	0.16	-0.04

Abraxis acquired the shares for 47 Canadian cents (44 cents) each. Abraxis may acquire up to nearly 56 million additional shares for the same per-share price upon the meeting of certain goals during the next 42 months, giving it 19 percent of the outstanding common shares of ProMetic.

Thursday the companies said they agreed to develop and market four biotech drugs.

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