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news.Exelixis, a development-stage biotechnology company, has sold an 80.1% stake in its subsidiary Artemis Pharmaceuticals to Taconic Farms for approximately $20 million, subject to certain post-closing adjustments.
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Exelixis has the option to sell its remaining interest to Taconic, and Taconic also has an option to purchase Exelixis’s remaining interest during certain times and under certain circumstances through 2015.
George Scangos, president and CEO of Exelixis, said: “Artemis has established a leading position in the generation of sophisticated mouse models. Taconic is one of the world’s leading suppliers of mice. Artemis’s capabilities will allow Taconic to provide a broader line of mice to its customers and to rapidly generate custom-made models for its customers as well.
“With Taconic’s new stake in Artemis, the synergies that the two companies have already realized will be significantly enhanced. By retaining a 19.9% ownership stake, we will retain preferred access to Artemis capabilities for our own research.”