Roche In Agreement With FTC On Syntex

Swiss pharmaceutical company Roche Holding and Syntex have reached agreement with the US Federal Trade Commission regarding the pending merger of Syntex with Roche subsidiary Roche Capital Corporation, Roche has announced. A tender offer of $24.00 per share for all outstanding Syntex stock by Roche was completed at the end of August.

Under the terms of the FTC agreement, Roche will divest Syntex' rights and assets relating to the business of Syva company, Syntex' medical diagnostics business in the USA, within 12 months after the order is final.

Following completion of the tender offer, Roche representatives will become members of the Syntex board, and a special meeting of Syntex shareholders will be convened to approve the second part of the transaction, the merger of Syntex with a Roche subsidiary. Roche said that with a prompt review of proxy materials for the meeting by the US securities and Exchange Commission, the merger could be completed by October 31.