Danish pharmaceutical company Novo Nordisk A/S (NVO) said Wednesday it will receive 1.1 billion Danish kroner ($187.7 million) after agreeing to sell its 26% stake in biopharmaceutical firm ZymoGenetics Inc. (ZGEN) to Bristol-Myers Squibb Co. (BMY).
Bristol-Myers Squibb overnight offered $9.75 per share in cash for each share in ZymoGenetics in a move that has been approved by the boards of both companies.
"As a significant shareholder with a long-term financial investment in ZymoGenetics, we find the offer from Bristol-Myers Squibb attractive and have entered into an agreement with Bristol-Myers Squibb to support the transaction and tender all of our ZymoGenetics shares in the offer," said Jesper Brandgaard, Novo Nordisk's executive vice president and chief financial officer.
Income from the transaction is exempt from tax charges under Danish law and the company expects it to have a positive effect on the group tax rate of 1.5 percentage points.
-By Dominic Chopping, Dow Jones Newswires; +46-8-5451-3093; email@example.com