Regeneron's P & G deal
Although Procter & Gamble Co. isn't the most obvious partner for the biotech industry, the consumer products company is teaming up with Regeneron Pharmaceuticals Inc. (REGN) to develop therapeutics for muscle diseases and disorders. The companies hope to develop drugs for patients recovering from disease or injury that has led to muscle atrophy.
P&G, whose health care business is focused on drugs for anti-infective, cardiac and musculoskeletal therapies, is committing nearly $30 million over five years to the Tarrytown, N.Y., company. P&G (Cincinnati, Ohio) will purchase $10 million in REGN stock and make up to five annual payments of $3.75 million to support collaborative muscle research. The number of shares and the price per share will be determined in the first half of 1997, based on a 27 percent premium to the market price...