Money Matters - Simplified

Bristol-Myer Squibb

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,