Novartis to buy Speedel for CHF 907 million
Novartis plans to buy remaining stake in the Swiss pharmaceutical maker Speedel through a mandatory public tender offer.10 July 2008
BASEL - Novartis AG said Thursday it has acquired a majority of shares in Swiss pharmaceutical maker Speedel Holding AG and intends to buy the remaining stake.
Novartis said it purchased 51.7 percent of Speedel's shares on Wednesday, bringing its current stake in the company to 61.4 percent.
The Basel-based company said it plans to acquire the remaining shares of Speedel through a mandatory public tender offer.
The total costs of the takeover are estimated at CHF 907 million (USD 880 million), Novartis said in a statement.
Speedel's activities will be integrated into Novartis, the company said, adding that it expects to save about USD 30 million per year this way.
Speedel and Novartis jointly developed the high blood pressure drug Tekturna, which is known as Rasilez outside of the United States.
Shares in Novartis were down 0.83 percent at CHF 59.85 francs in Zurich.
[AP / Expatica]