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Altana AG plans to sell Altana Pharma AG and its entire pharmaceuticals business to Nycomed for EUR 4.5 billion (about $5.7 billion).
Bad Homburg, Germany (Sept. 21)––Altana AG (www.altana.com) plans to sell Altana Pharma AG and its entire pharmaceuticals business to Nycomed (Roskilde, Denmark, www.nycomed.com) for EUR 4.5 billion (about $5.7 billion).
The transaction is subject to approval by antitrust authorities in the European Union and the United States and by an Extraordinary General Meeting of Altana AG, which is scheduled to take place in December 2006. If the transaction is approved, closing is expected to take place by the end of the year, with the transfer of business planned for Jan. 1, 2007.
Altana previously announced plans to separate into two pharmaceuticals and chemicals businesses to concentrate on its specialty chemicals business, Altana Chemie.
If the transaction is approved, Hakan Bjorklund, CEO of Nycomed, and Toni Weitzberg, Nycomed’s chairman of the board, will remain in their positions. Altana Pharma’s president and CEO, Hans-Joachim Lohrish, will be a member of the board of the combined group.