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Continued: Inside Track: No sibling rivalry, new Campbell Mithun chief says

  • Article by: NEAL ST. ANTHONY , Star Tribune
  • Last update: July 5, 2013 - 1:07 PM

The board and management of ANI Pharmaceuticals, a manufacturer of pharmaceuticals, took control of the company, adopted the BioSante name and ended up with 57 percent of the outstanding stock of BioSante, $16 million in cash and the other assets of the BioSante business.

Arthur Przybyl, CEO of ANI Pharmaceuticals, became the CEO of the new BioSante, which has 85 full-time employees, most of them at two locations in Baudette, and about $20 million in annual revenue. The company would rank about No. 90 on the Star Tribune 100, our annual ranking of the state’s largest public companies by revenue.

Przybyl said BioSante was a biotechnology company whose lead product fizzled in clinical trials Przybyl said BioSante shareholders get a “different strategy from what they are used to but we give them a chance to grow.”

PATRICK KENNEDY

postscript on new french deal

Peter Kelsey, the irascible entrepreneur who started 30-plus years ago as a busboy, opened the New French Bakery in a tiny downtown space in the 1990s, expanded it like crazy and ended up selling it for unspecified millions recently to Chicago-based Arbor Investments. Arbor owns numerous food companies and plans to expand the two-plant, 300-employee New French operation. Kelsey said he was stuck earlier this year when he couldn’t raise $6 million from Wells Fargo or Bank of America to fund his expansion plan. His community banker was at its lending limit with New French. Kelsey, 56, who growls when he talks about big banks, was roaring last week over the fact that both he and Wells Fargo last spring received small business awards from the U.S. Small Business Administration.

“Wells Fargo wouldn’t even give me a [$380,000] refinance on my mortgage because I’m self-employed,” said Kelsey, who added that he’s gotten a lot of calls in recent days from financial advisers who now find him an attractive proposition.

“A lot of entrepreneurs don’t fit with the MBA culture at the big banks.”

Wells Fargo had no comment on the irreverent Kelsey, who became a millionaire his way.

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