AHM buys PHA's APBiotech stake

Pharmacia (PHA) will sell to Amersham (AHM; LSE:AHM) its 45% holding in Amersham Biosciences (Little Chalfont, U.K.) for L704 million ($1 billion) in cash, giving AHM 100% ownership of the joint venture. PHA said the sale allows it to focus on its pharmaceutical business. The transaction scuttles the IPO hopes of Amersham Biosciences, formerly Amersham Pharmacia Biotech ( APBiotech). AHM spokesperson Tracy Cheung said AHM will withdraw the IPO filing "shortly", but did not rule out an IPO or spin-out transaction at a later date. ...