R-P Releases Transgene

4 September 1994

French biotechnology company Transgene has changed hands once again. Its parent company Rhone-Poulenc has sold it to Transgene Holding, an ad hoc linking of the Merieux and Dassault families and the CGIP group. The trio have acquired a 50.1% stake in Transgene.

The deal is seen by financial observers as part of an operation by R-P and Merieux to redefine their boundaries. After Merieux ceded control of Institut Merieux to R-P, both companies retained their diagnostics business in association with the CGIP group. In 1991, when Merieux as a 51%-owned subsidiary of R-P acquired Transgene, the move reflected a personal business decision by Alain Merieux, president of Institut Merieux. R-P's top management was reportedly opposed to the project at the time.

Transgene is expected to report losses for several years to come. Last year its deficit was 15 million French francs ($2.8 million) and is expected to rise to 30 million francs this year.

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