graphic
News > Deals
P&G ups Regeneron stake
June 1, 2000: 10:50 a.m. ET

Procter & Gamble boosts stake in drug maker to 16% in $17 million sale
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Procter & Gamble will boost its stake in Regeneron Pharmaceuticals to 16 percent in a deal valued at $17 million, Regeneron announced Thursday.

The sale of the 573,630 shares, or the 1.3 percent stake, is at a per-share price of $29.75: in compliance with a deal made in 1997 that called for the sale of $17 million in Regeneron common stock to Procter & Gamble. The sale is expected to close in August.

The per-share price of the deal is at a premium to Thursday's market price for Regeneron shares at $23.25. The $29.75 share price is the same price Regeneron's stock sold for in a public offering last year.

After the deal, Procter & Gamble (PG: Research, Estimates) will own a total of about 5.7 million shares of Regeneron (REGN: Research, Estimates). Procter & Gamble, a consumer products company based in Cincinnati, also has warrants to purchase an additional 1.45 million shares.

graphicTarrytown, N.Y.-based Regeneron is a pharmaceutical company that develops therapeutic drugs for the treatment of serious diseases.

In early morning trading Thursday, Regeneron's shares rose 2-7/8 to 23-1/4 while Procter & Gamble fell 5/16 to 66-3/16. Back to top

  RELATED SITES

Procter & Gamble

Regeneron


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.