Sandoz To Acquire Outstanding Stake In SyStemix
Sandoz of Switzerland has made an unsolicited proposal to acquire all of the outstanding shares of US company SyStemix. Sandoz already owns a 73% stake in the company. The proposed price is $17.00 per share. On May 23 SyStemix' shares were trading at $11 per share.
SyStemix develops cellular and cell-based gene therapies for cancer, AIDS and genetic diseases based on the use of isolated, expanded and gene-modified hematopoietic stem cells.
So far, Sandoz' investment in SyStemix has not been fruitful, comments the Wall Street Journal. Sandoz paid $65 per share for its initial 60% stake in the firm in early 1992. Within six months the stock plummeted to $19 per share, which represents a paper loss for Sandoz of around $400 million, according to the WSJ. It adds that in 1994 and 1995 combined, SyStemix made a loss of $92.5 million.
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