Acquisition of GTC Biotherapeutics by LFB Biotechnologies Completed

FRAMINGHAM, Mass.--(BUSINESS WIRE)--GTC Biotherapeutics, Inc. (“GTC” OTCBB: GTCB.OB) announced today that it had completed its previously announced sale of approximately 61,100,000 shares of its common stock, par value $0.01 per share, to LFB Biotechnologies S.A.S., Les Ulis, France (“LFB”) in a private placement for $0.30 per share, for an aggregate purchase price of approximately $18.3 million. Following the private placement and the conversion of convertible preferred stock of GTC owned by LFB, LFB owned at least 90% of GTC’s outstanding common stock.

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