By Colin Kellaher
Precigen Inc. on Friday said Germany's Merck KGaA elected to convert a $25 million note into common stock, raising its stake in the biopharmaceutical company to 14.8% from 11.6%.
The Germantown, Md., company issued the note to Merck in late 2018 as part of a deal in which Merck reassigned to Precigen its exclusive chimeric antigen receptor T-cell development rights.
Germany's Merck, which remains Precigen's second-largest shareholder, also received $150 million in stock as part of the transaction.
Precigen said the note would have otherwise converted in December.
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(END) Dow Jones Newswires