British-based drugmaker Zeneca Group said last week it will buy the 50% of Salick Health Care that it doesn't already own in a deal valued at $234 million.
Los Angeles-based Salick operates 10 hospital-affiliated outpatient cancer treatment centers across the country and a network of kidney dialysis centers in Southern California.
Zeneca said the deal completes a planned buyout of Salick under terms of a complex financial agreement reached in 1994. Under that deal, Zeneca acquired a 50% interest in Salick in 1995 and the right to require Salick shareholders to redeem outstanding stock.
Federal Trade Commission review is not required, Zeneca said. The companies said the purchase is expected to close by April 10.
Zeneca, whose U.S. operations are based in Wilmington, Del., had total U.S. sales of $2.8 billion in 1996, half of which came from the drug division. Profits were not disclosed.
For the same year, Salick had sales of $186 million and an operating profit of $10 million.