Shire/BioChem merger delayed by Canada
Shire Pharmaceuticals of the UK's proposed takeover of the Canadianfirm BioChem Pharma (Marketletters passim) has been delayed because Canada is not yet ready to approve the deal. Shire was hoping for approval by March 31 but Canada's Minister of Industry told the firm he is not "at this time, based on representations made by Shire, satisfied that the proposed merger is of net benefit to Canada." The UK group said it is continuing to hold talks with the Minister and is entitled to make representations and submit undertakings within the next 30 days. Shire added that it is confident the talks will prove fruitful, but observers believe that the Ministry is looking for guarantees concerning a commitment to R&D in Canada.
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