In Brief: Cambridge Biotech
This article was originally published in The Gray Sheet
Executive Summary
Cambridge Biotech: Enters agreement to sell its enterics (intestinal disease) and human Lyme EIA diagnostic businesses to Carter-Wallace for $4.5 mil. cash. Carter-Wallace gains tests for rotavirus (Rotaclone), adenovirus (Adenoclone and Adenoclone 40/41), and C. difficle (Cytoclone), as well as a test for Lyme Disease. The tests will be sold by Carter-Wallace's Wampole Laboratories division and initially will be manufactured at Cambridge Biotech's Worcester, Massachusetts facility under a six month contract. The deal completes a restructuring plan Cambridge Biotech filed with U.S. bankruptcy court in April. Under the plan, Cambridge Biotech will focus its business -- to be renamed Aquila Biopharmaceuticals -- on "developing and commercializing therapeutic and prophylactic vaccines for infectious diseases." The firm recently announced the sale of its retroviral diagnostics business to bioMerieux Vitek for $6.5 mil. cash...