Cheryl,
Additional info
Seragen's Agreement with Boston University &
Marathon Biopharmaceuticals, LLC
In February 1997, Seragen entered into an agreement to sell its
manufacturing and clinical operations facilities to Boston University (BU).
Simultaneously, Seragen also entered into a service agreement with BU
providing for certain services rendered by BU to Seragen related to product
research, development, manufacturing, clinical trials, quality control and
quality assurance. This service contract expires Jan. 31, 1999.
In December 1997, Marathon Biopharmaceuticals, LLC, a for-profit contract
service organization, was created by BU following the purchase of Seragen's
manufacturing and development facilities to perform services for Seragen and
other pharmaceutical and biotechnology companies. This transaction was
approved by the shareholders of Seragen and completed on Dec. 31, 1997.
As of Dec. 31, 1997, Seragen had 13 employees. When Seragen sold its
manufacturing and clinical operations to BU on Dec. 31, 1997, 90 Seragen
employees involved in those operations became employees of Marathon.
Reading Henry's earlier post from todays NYT makes me wonder why Ligand is acquiring Marathon, sounds like part of a package deal, that may have been crammed down by BU.
J.D.
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