(Murray v. Giarratano) Iroquois Brands Ltd. said it signed a letter of intent to acquire Bio International Inc., Houston, in a stock transaction valued at about $20 million.
Cambridge Bio Science Corp., a biotechnology concern, said it received Food and Drug Administration approval to market a diagnostic test kit for human adenoviruses, which are believed to cause viral respiratory diseases and viral gastroenteritis.
But it would hardly encourage shareholders to subscribe to an ICI Bio rights issue.
A woman who answered the phone at Bio's office said she wasn't able to comment on what the company's business is.
Terence J. Fox resigned as chairman and chief executive officer and sold his 21.4% stake in the company to Malcolm H. Stockdale, chairman and president of Bio International.
This is not necessarily because ICI Bio will need the money: on the contrary, it may be needed more on the bulk side.
California Bio announced in May that it was seeking a new chief executive.
The company confirmed that it is in merger talks with Bio International.