Investors buy biotechs on news of merger

Article Abstract:

Upon hearing the announcement about the merger of Shire Pharmaceuticals Group PLC with BioChem Pharma Inc., investors bid up shares of biotechnology companies. The Toronto Stock Exchange index for biotechnology and pharmaceuticals rose several points. Company shares that may benefit from the uptrend are those of Biovail Corp., Angiotech Pharamaceuticals Inc. and QLT Inc.

United States, Securities & Commodities Exchanges, Securities and Commodity Exchanges, Forecasts, trends, outlooks, Security and commodity exchanges, Securities Exchanges, Ophthalmic Drugs, Reports, Exchanges, Securities industry, Ophthalmic agents, Toronto Stock Exchange, QLT Inc., Biovail Corp., Angiotech Pharmaceuticals Inc.

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Ottawa approves biotech deal as probe launched

Article Abstract:

Shire Pharmaceutical Group PLC's planned merger with BioChem Pharma Inc. has been approved by Investment Canada. The deal is valued at 5.9 billion Canadian dollars. In addition, the London Stock Exchange has launched a probe into the trading of Shire's stock.

Foreign operations, Investigations, Securities

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BioChem in blockbuster merger with Shire PLC

Article Abstract:

BioChem Pharma Inc., a Canadian biotech company announced it would merge with Shire Pharmaceuticals Group PLC of Britain. BioChem receives $200 million a year in royalties from Glaxo Wellcome PLC which markets 3TC, an Aids drug and Zeffix.

Brief Article, Glaxo Wellcome PLC

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