Becomes subsidiary of Australian international health care company F. H. Faulding with Faulding's purchase of a further 19% of Moleculon stock in accordance with a put/call agreement reached in December 1988. Purchase, for $ 2.2 mil., gives Faulding control of approximately 52% of Moleculon and represents the remaining holdings of company founder Arthur Obermayer and his affiliates. Faulding also holds a $ 24.5 mil. stake in 8.5% convertible preferred units which, if converted to common stock, would give them 70% control. Faulding says it plans to expand the Kalipharma generics business, acquired by Moleculon in October 1989.
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