Abbott Laboratories has signed a definitive agreement to acquire a variety of parenteral products business lines from Sanofi Pharmaceuticals in a deal valued at $200 million. The deal includes worldwide rights to Paris-based Sanofi's proprietary prefilled, single-dose syringe technology. Abbott also will take over a Sanofi production and research and development facility in McPherson, Kan.
Cytyc Corp. says the Mead Johnson & Co. division of Bristol-Myers Squibb, New York, has agreed to promote Cytyc's ThinPrep Pap Test through its nationwide sales force. On news of the announcement late last month, Cytyc's stock surged 21% to close at $23.75 in NASDAQ trading May 29. Boxborough, Mass.-based Cytyc won Food and Drug Administration approval for its refinement to the Pap smear test for cervical cancer last year and launched the product in January (May 12, p. 52). More than 400 laboratories currently use the ThinPrep system.
Orthopedic implant manufacturers DePuy and Biomet, both of Warsaw, Ind., have agreed to settle five separate patent suits in three U.S. district courts, the companies said. The cases are being dismissed under a royalty-free cross-licensing arrangement between DePuy and Biomet under which each can continue to manufacture and distribute its current products.
LifeTrust America, a Nashville-based developer of assisted-living facilities, says it has raised $105 million to fund expansion plans. LifeTrust has secured capital loan commitments of about $30 million from First American National Bank and Regions Bank. It received another $25 million from GMAC Commercial Mortgage for financing acquired and developed facilities. In addition, Health Care Property Investors is providing $50 million in lease financing. LifeTrust has 11 assisted-living facilities under construction, with most scheduled to open in the fourth quarter.