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Novartis eyes buy-out of biopharma firm Speedel

Swiss pharmaceutical giant Novartis said on Thursday it had boosted its stake in biopharmaceutical firm Speedel by 51.7% and aimed to buy it out completely for 907 million Swiss francs (€560 millions, $882 million).

Novartis added the 51.7% to its existing 9.7 stake in Speedel for 130 Swiss francs cash per share, it said in a statement. The $882 million figure is what Novartis expects to pay for the entire acquisition of Speedel, including its initial 9.7% stake. (Economic Times)