In Brief: Trinity Biotech
This article was originally published in The Gray Sheet
Executive Summary
Trinity Biotech: Acquires infectious disease and autoimmune diagnostic kit manufacturer Clark Laboratories for approximately $6.2 mil. in stock and cash. Trinity will issue 1.4 mil. shares of common stock in exchange for all of Clark's outstanding shares. Approximately two-thirds of the issued shares will be subject to a one-to-two-year "lock up" and can be bought back by Trinity at any time over the next two years at a premium ranging from 13% to 25% of the issued price, Trinity explains. Clark preferred stock will be redeemed by Trinity for approximately $1.5 mil. in cash. Jamestown, New York-based Clark had income of $237,000 on sales of $3.9 mil. for the 1996 fiscal year. With the acquisition, Trinity gains a 7% stake in CLI Oncology and an exclusive supply agreement with Wampole Laboratories to supply Clark's full range of diagnostic kits...