Money Matters - Simplified

Bristol-Myer Squibb to buy ZymoGenetics

New York -- Pharmaceutical giant Bristol-Myer Squibb has agreed to purchase Seattle biotechnology firm ZymoGenetics for $885 million, the companies said.

In a statement released late Tuesday, ZymoGenetics said the deal valued ZymoGenetics at $9.75 per share and that shareholders representing 37 percent of ZymoGenetics had agreed to put their shares into a tender offer that is scheduled to begin Thursday.

"We believe we will enhance the long-term potential of ZymoGenetics' portfolio of assets,"ZymoGenetics Chief Executive Officer Douglas Williams said,
Among the drugs ZymoGenetics has under development is one for hepatitis C called pegylated-interferon lambda. The drug, "if approved, could be an important contributor to Bristol-Myers Squibb's future growth," the statement said.

Bristol-Myer Squibb also obtains ZymoGenetics drug recothrom, which is used to control bleeding during surgical procedures.

Copyright 2010 United Press International, Inc. (UPI).

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