According to a press release, LFB Biotechnologies has proposed to purchase Framingham, MA-based GTC Biotherapeutics stocks for about $18.3 million. The French strategic partner LFB Biotechnologies has decided to take GTC as private by purchasing stocks for 30 cents per share.

GTC is the first company to obtain sanction from FDA for a drug manufactured from genetically modified animals. The company is into producing protein rich goat milk which is used as a part of various treatments for autoimmune diseases including multiple sclerosis.

Subsequent to the merger, 90 percent of the GTC’s common stock will be owned by LFB and OTC Bulletin Board will list GTC’s shares under the symbol “GTCB”.

LFB has also decided $2.7 million as the total purchase price for all the GTC’s minority shareholders during cash sale transaction.

LFB has gained undisputed support from an independent committee of GTC directors for stock purchase and merger agreement.