TRANSGENIC SCIENCES' $ 7 MIL. ACQUISITION OF MASON RESEARCH INSTITUTE from EG&G Inc. gives the biotech start-up an ongoing toxicology operation with revenues of over $ 8 mil., as well as an outlet for the firm's in vitro and in vivo toxicology test products in development. Compensation for the deal, which involves $ 4.5 mil. in cash and $ 2.5 mil. in convertible redeemable preferred stock, provides EG&G with an eventual 12% equity position in Transgenic Sciences Inc. (TSI). "Mason brings to TSI an operating entity able to commercialize our research," TSI Chairman and CEO James Sherblom remarked. "The combined company will be both profitable and vertically integrated," Sherblom said. "Mason's leadership in supplying toxicology testing and in vivo disease models meshes perfectly with our ability to develop new products in these areas." The move adds over 140 employees to TSI's current staff of 15 and includes a 110,000 square-foot facility, which like Transgenic Sciences, is located in Worcester, Massachusetts. Established in the early 1960's, Mason Research was acquired by EG&G in 1968. The company provides toxicological research services to pharmaceutical companies and government agencies such as the National Cancer Institute and the Environmental Protection Agency. In 1980, Mason Research became a participant in the National Toxicology Program.
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