DALLAS -- Texas A&M University has ordered an independent review of whether a nonprofit corporation can and should use its name for a $40 million taxable issue to buy the assets of a biotechnology company headed by the university's former chairman.

University regents said they were surprised to learn last month that the Texas A&M University System Research Technologies Corp. had been created May 3 and could issue bonds without the oversight of the regents, the state's Bond Review Board, or the Texas attorney general.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.