Hafslund To Buy Sterling Diagnostics
Norway's Hafslund Nycomed has now signed an agreement with France's Sanofi to buy the diagnostic imaging unit of Sterling Winthrop (Marketletter July 4). The price is $450 million, and the closing is expected to take place at the end of the third quarter of this year.
The plan to acquire the diagnostics business was announced on June 16, and after a due diligence period of 30 days, the parties have now reached a final agreement, according to the Norwegian company. The price the company is paying is thought to be a good deal, since its annual sales, at $480 million, are more than the agreed purchase price.
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