Corange Extends Stake In GeneMedicine
Corange, parent of Boehringer Mannheim, has extended its investment in GeneMedicine by purchasing 418,629 additional shares at $9.56 per share, bringing its total stake to 7% or 863,073 shares. Corange is funding research at GeneMedicine, investing around $1.25 million per quarter. If milestones are met, Corange will have invested $25 million in R&D and $20 million in equity over the five-year agreement period.
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