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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
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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

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.