Schering-Plough Acquires Canji

Schering-Plough has announced that it has reached an agreement to acquire all outstanding equity not already owned by S-P of Canji, a gene therapy company, for the sum of $54.5 million in S-P stock and rights to participate in royalties on sales of p53 gene therapy products.

"Making Canji a part of our research organization represents an important step for Schering-Plough, offering parallels to our DNAX Research Institute in Palo Alto, California," commented Richard Kogan, president of S-P. "Just as DNAX is pioneering discoveries in biotechnology and immunology, so do we expect Canji in San Diego to become Schering-Plough's center for gene therapy research," he added.

Upon completion of the deal, Canji research operations will report to Cecil Pickett, executive vice president - discovery research, Schering-Plough Research Institute.