P&G and Regeneron Deal "Now Effective"

- A 10-year deal between Procter & Gamble and Regeneron, which isworth about $135 million to the biotechnology firm in equity and research funding (Marketletter May 19), is now effective. P&G has purchased 4.35 million of Regeneron common stock at $9.87 per share, and has received five-year warrants to purchase an additional 1.35 milllion shares at the same price. P&G gains rights to Regeneron's technology, which is expected to have application in a number of disease areas, including cardiovascular, bone and arthritis, while both companies will jointly develop and market any products arising from the collaboration.