A Bermuda-based holding company has agreed to pay $110 million for a 15% stake in Bothell, Wash.-based CellPro, a 4-year-old biotechnology firm.
The price for that share of the company would imply a total value for CellPro of nearly 300 times its annual revenues. The holding company, Corange International, also will provide CellPro with another $110 million in payments and licensing fees.
CellPro is developing devices that separate cells with therapeutic value from the blood stream or bone marrow. The company plans to file for Food and Drug Administration approval this year for a device used to purify stem cells for cancer treatment (Nov. 8, 1993, p. 36).