|
European drug firms join
|
 |
November 20, 1997: 9:16 a.m. ET
Britain's UniChem, Alliance Sante Luxembourg set $467 million merger
|
NEW YORK (CNNfn) - Two European health-care companies announced Thursday they will merge in a deal valued at about $467 million.
UniChem PLC said it will merge with Alliance Sante Luxembourg to create Alliance UniChem PLC, creating one of the top pharmaceutical wholesaling companies in Europe.
UniChem will issue about 104 million new shares for Alliance Sante Luxembourg, a company owned by Stefano Pessina. That will give him a 36 percent stake in the new company.
The two firms said consolidation in the European pharmaceuticals market led them to pursue the merger.
They also said they hope that possible relaxation of pharmaceutical sales regulation will allow them to strengthen their position.
Alliance Sante Luxembourg's holdings include interests in pharmaceutical sales, mostly in France and Italy. In France, it holds about a 30 percent market share, and in Italy about 18 percent.
The companies expect the deal to be finalized by the end of the year.
|
|
|
|
|
 |
|
