Mannheim, has completed taking its $75 million stake in Protein Designs Labs Inc. (PDL).

The company said on Monday a $45 million investment, in addition to earlier investment of $30 million in PDL, completes a 1993 equity agreement, according to Bloomberg business news service.

The $75 million investment, consisting of the purchase of its common stock, was announced in November, 1993.

Last year's agreement stipulated Corange's ownership would not exceed 21 percent on a fully diluted basis and the completion of the agreement gives Corange a stake of around 15 percent in PDL.

A separate licensing agreement gave Corange exclusive marketing rights outside North America and Asia to PDL's human anti-cytomegalovirus antibody and the PDL's SMART anti-L-selectin and SMART anti-CD18 antibodies which have potential usefulness in blocking cell adhesion, an important factor in inflammatory diseases.

Corange also obtained the North American co-promotional rights and exclusive marketing rights outside North America for certain cardiovascular and other products to be developed by PDL. The company also acquired exclusive marketing rights to certain diagnostic antibodies.

Corange is also involved in a development and licensing agreement to market Protein Design drug products. Mountain View, California-based PDL, develops human antibodies to treat infections and disease.

Corange also said on Monday it has produced GMP-grade (Good Manufacturers Grade, which means the standard for use has been met) human anti-hepatitis B antibody using a recombinant cell line provided by Protein Design.