Techne Acquires Cistron Biotechnology's Research Reagents Business and Exclusive Sublicense to Certain Interleukin 1 Beta Patents for the Research Market
PR Newswire - February 23, 1999 10:21
MINNEAPOLIS, Feb. 23 /PRNewswire/ -- Techne Corporation (Nasdaq: TECH) and Cistron Biotechnology, Inc. (OTC Bulletin Board: CIST) announced today that through TECHNE's subsidiary, Research and Diagnostics Systems, Inc. (R&D Systems), TECHNE has purchased from Cistron its research reagents business and exclusive research market rights to Interleukin 1 beta (IL-1B) antibody and immunoassay patents. Cistron will retain diagnostic and therapeutic marketing rights on the IL-1B patents.
The effective date of the acquisition is April 1, 1999. R&D Systems paid $750,000 cash for Cistron's research reagents business and IL-1B research market patent rights. In addition, royalties will be paid on the net sales of IL-1B proteins, antibodies and immunoassays by TECHNE and its subsidiaries for the life of the patents. Cistron's research reagent sales for their fiscal year ended June 30,1998 were approximately $550,000.
Thomas E. Oland, President of TECHNE said, "We have had a working relationship with Cistron for a number of years and we were very pleased that they came to us when they decided to withdraw from the research reagents market place. We believe we are the leaders in the cytokine research reagents market and that we will be able to maximize Cistron's royalty stream on sales of IL-1B."
Bruce C. Galton, Chairman and CEO of Cistron said, "Cistron is concentrating on the research and development of the therapeutic and diagnostic applications of our technologies rather than continue the production and sale of research reagents. R&D Systems was a natural choice to work with for the research product market due to their scientific strength and marketing expertise."
Cistron's primary product area is immune response regulators known as lymphokines. The company is developing therapeutic and diagnostic applications of its technology for cancer, arthritis and other auto immune diseases.
TECHNE Corporation has two operating subsidiaries: Research and Diagnostic Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe Ltd. of Abingdon England. R&D Systems is a specialty manufacturer of biological products and R&D Systems Europe is a distributor of biotechnology products.
SOURCE Techne Corporation
/CONTACT: Kathy Backes of Techne Corporation, 612-627-0394/
(TECH CIST) |
