| To: dr.john who wrote () | 2/24/1999 2:40:00 PM | | From: Walter Morton | | | |
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) |
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| To: Walter Morton who wrote (16) | 2/24/1999 11:47:00 PM | | From: Shane M | | | |
I'm not familiar with the deal, but it sounded to me like Techne was going to pay CIST royalties based on success of the product. Again, I just breezed the info a couple days ago and am going from memory here.
Shane |
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| To: Mike C2 who wrote (21) | 3/31/1999 7:52:00 PM | | From: dr.john | | | |
Mike,
Sit back and enjoy TECH!
Look at older posts in our thread: they tell you why TECH is a fantastic company and why the price WILL go up. You might need patience, there may be set-backs, but sooner or later it's bound to be a big winner, IMO.
The Yahoo thread is not much more active. I stopped posting on both, because there was not more to add to my earlier postings; don't want keep on repeating myself too much.
Why "suddenly' a new up-tick? well, it's the same excellent company as before, and somebody out there thinks so too. I personally think it is still vastly under-followed, and under-appreciated. Once thought the fair value is at about 30; I now think, it is north of 43.
Cheers DrJohn |
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| To: dr.john who wrote (22) | 3/31/1999 8:48:00 PM | | From: Shane M | | | |
Dr. John,
I agree with your @ $30 fair value for TECH. What has prompted you to up you fair value to $43? Has the long term outlook brightened/ growth rate increased?
FWIW, In my experience, stocks with good momentum (like TECH has) will run past fair value - often by a large %.
Shane |
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