Procyte

Executive Summary

Company receives an unsolicited proposal from Scherer Healthcare and Derma Sciences to combine in a three-way merger in which Procyte shareholders would receive shares in the combined company, Kirkland, Wash.-based Procyte reports. Procyte says the "highly conditional" proposal offers one share of Scherer common stock in exchange for 3.4 shares of Procyte common stock, and one share of Scherer common stock for 4.1 shares of Derma Sciences common stock. Scherer and Derma have purchased 640,550 shares, or 5% of Procyte common stock, which makes the partnership the largest shareholder, the companies say. Scherer and Derma have requested a response from Procyte by Dec. 15