Merck KGaA Raises Precigen Stake to 14.8% With Note Conversion
October 09 2020 - 8:20AM
Dow Jones News
By Colin Kellaher
Precigen Inc. on Friday said Germany's Merck KGaA elected to
convert a $25 million note into common stock, raising its stake in
the biopharmaceutical company to 14.8% from 11.6%.
The Germantown, Md., company issued the note to Merck in late
2018 as part of a deal in which Merck reassigned to Precigen its
exclusive chimeric antigen receptor T-cell development rights.
Germany's Merck, which remains Precigen's second-largest
shareholder, also received $150 million in stock as part of the
transaction.
Precigen said the note would have otherwise converted in
December.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 09, 2020 08:05 ET (12:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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