Chugai Pharmaceutical Co. Ltd., a Japanese drug...
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Chugai Pharmaceutical Co. Ltd., a Japanese drug maker, has begun its previously announced $6.25-a-share, $115-million tender offer for Gen-Probe, the San Diego maker of medical products.
Chugai has an existing research-and-development agreement with Gen-Probe under which it is providing $15.5 million in R&D; funds, according to a filing with the Securities and Exchange Commission. The objective of the projects is to develop, over a five-year period, diagnostic products for eight types of viruses, and, over three years, of diagnostic products for two types of cancer.
Chugai now holds a 29.2% stake in Gen-Probe under a conditional option. All the funds required for the acquisition will be provided by Sumitomo Bank or with a capital contribution from Chugai Holdings, the company’s parent.
Merrill Lynch, Pierce Fenner, & Smith is the deal manager.
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