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Solvay Launches Bid to Buy Innogenetics

7:35 AM MDT | April 25, 2008 |

Natasha Alperowicz

Solvay Pharmaceuticals says it plans to make a conditional tender offer to acquire the biotech company Innogenetics (Gent, Belgium) in a cash transaction valued at €5.75/share. Solvay initially entered into an R&D co-operation with Innogenetics in 1997 and has been implementing Innogenetics' technologies in its own drug discovery efforts. Solvay holds a 6.77% interest in Innogenetics. Solvay says it approves of Innogenetics'recent decision to divest its subsidiary GENimmune, which develops novel immune therapeutics, and to focus on diagnostics...

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