Novo Nordisk Agrees To Sell ZymoGenetics Stake For DKK1.1 Billion
08 September 2010 - 4:00PM
Dow Jones News
Danish pharmaceutical company Novo Nordisk A/S (NVO) said
Wednesday it will receive 1.1 billion Danish kroner ($187.7
million) after agreeing to sell its 26% stake in biopharmaceutical
firm ZymoGenetics Inc. (ZGEN) to Bristol-Myers Squibb Co.
(BMY).
Bristol-Myers Squibb overnight offered $9.75 per share in cash
for each share in ZymoGenetics in a move that has been approved by
the boards of both companies.
"As a significant shareholder with a long-term financial
investment in ZymoGenetics, we find the offer from Bristol-Myers
Squibb attractive and have entered into an agreement with
Bristol-Myers Squibb to support the transaction and tender all of
our ZymoGenetics shares in the offer," said Jesper Brandgaard, Novo
Nordisk's executive vice president and chief financial officer.
Income from the transaction is exempt from tax charges under
Danish law and the company expects it to have a positive effect on
the group tax rate of 1.5 percentage points.
-By Dominic Chopping, Dow Jones Newswires; +46-8-5451-3093;
dominic.chopping@dowjones.com
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