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Business: Bristol Myers-Squibb Acquires ZymoGenetics

Bristol Myers-Squibb completed its acquisition of Zymogenetics on October 12th, 2010, in a deal worth over $735 million. Shareholders will receive $9.75 per share. ZymoGenetics has now become a wholly-owned subsidiary of Bristol-Myers Squibb.

Bristol-Myers Squibb is a global biopharmaceutical company with sales of $18.8 billion in 2009. Zymogenetics develops novel protein drugs and raised $120 million through public offerings in 2002. The company is currently marketing a product called RECOTHROM which aids hemostasis, but also has other protein medications in development including treatments for Hepatitis C and metastatic melanoma.

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Business Desk
Editors and staff from the Business Desk at The Global Herald.

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