Chugai to sell Amrad stake
Japanese drugmaker Chugai plans to sell its 9% stake, 11.79 million shares, in Amrad as soon as possible, according to the Australian Financial Review. Chugai invested A$20 million ($13.8 million at current exchange rates) in the Australian biotechnology company in 1994, and, were it to sell the shares at current market prices, it would have a capital loss of almost A$13 million on its investment, the newspaper noted.
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