Thursday, November 29, 2001
What's the Buzz?
P&G scaling back on Regeneron
Procter & Gamble Co. will sell 3 million shares of Regeneron Pharmaceuticals Inc. for $60 million in cash, the company said Wednesday.
P&G still will own almost 2.7 million shares of the Tarrytown, N.Y., company — a stake of about 6.48 percent.
The move further scales down P&G's contributions to Regeneron's drug-development efforts.
Cincinnati-based Procter had made a $15 million commitment to Regeneron to develop the diabetes and obesity drug Axokine before pulling out of the joint development agreement in late 1999.
P&G's commitment to Axokine in October 1997 expanded its 10-year drug research collaboration with Regeneron to develop and market drugs for cardiovascular, bone and muscle disorders.
Regeneron's stock price fell 90 cents to $27.60 Wednesday, while P&G's fell $1.12 to $76.
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