Virogen, Inc. signed an agreement to acquire 80% stake in Production Partners Chemical Co., Inc. from Alvin Lang for $5.4 million.

Virogen, Inc. (OTCPK:VRNI) signed an agreement to acquire 80% stake in Production Partners Chemical Co., Inc. from Alvin Lang for $5.4 million in stock on September 30, 2013. As consideration, Virogen will pay $5 million of Series-B Preferred Stock and will issue 0.25 million shares of Virogen. At closing, as part of consideration, Virogen will deposit $2.5 million of Series-B Preferred Stock and 0.25 million shares of Virogen in the escrow.

Virogen will hold an option to acquire the remaining 20% equity of Production Partners at the then current market value, but in no event to be less than $1 million.