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Article: Bayer Invests $17.4 Million in PharmaNetics; Companies Will Develop Future Near Patient Testing Products; Bayer Increases Ownership Position to Over 19%.
- Article from:
- Business Wire
- Article date:
- April 24, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors & Health/Pharmaceutical Writers
TARRYTOWN, N.Y. & RALEIGH, N.C.--(BW HealthWire)--April 24, 2001
PharmaNetics (Nasdaq/NM:PHAR) and Bayer Corporation announced today that Bayer has increased its equity ownership from approximately 7% to 19.9% of PharmaNetics' outstanding voting shares. Under the agreement, Bayer will invest $17.4 million for 1,450,000 newly issued common stock shares at a price of $12 per share.
This investment enhances the position of both companies in the diagnostics market. Along with the investment, the agreements signed today expand the distribution agreement with PharmaNetics to include its Theranostic ...