Officers and shareholders of Oread Laboratories Inc. have approved the company's acquisition by Lawrence entrepreneur W. David Kimbrell, a company official said Saturday.
"The outcome is what we anticipated," said Howard Mossberg, board chairman and chief executive officer of Oread Laboratories. "What we are waiting on is for all of the documentation that needs to be done for the actual sale."
Mossberg said that as early as Monday, final arrangements could be in place for Kimbrell to buy out the pharmaceutical research company. Cost of the buyout remained undisclosed Saturday.
The company issued a statement Thursday acknowledging that about 15 of its 90 to 100 employees had been laid off as part of a restructuring associated with the sale.
Mossberg said that on Friday, Kimbrell talked about the company's future with shareholders. No additional layoffs were discussed, he said.
Kimbrell could not be reached for comment Saturday evening.
On Nov. 11, when he and Mossberg announced Kimbrell's bid for the company, Kimbrell said he planned to use Oread Labs as the foundation for a larger company that would provide professional services in the environmental and pharmaceutical industries.
Oread Laboratories was founded in 1983 by the late Takeru Higuchi, regents distinguished professor of chemistry and pharmaceutical chemistry, and Mossberg, then dean of KU's School of Pharmacy.
The company moved in 1988 from West Campus to the Oread West Research Park at 15th and Wakarusa.