27 June 2002 11:16 [Source: ICIS news]
LONDON (CNI)--Shareholders of Japanese research-based pharmaceutical company Chugai have agreed to the company's takeover by Swiss healthcare group Roche.
Roche said in statement that Chugai shareholders voted with an over 90% majority in favour of the alliance at Thursday's annual general meeting (AGM) in Tokyo. The deal is expected to be close at the beginning of the fourth quarter.
Franz Humer, chairman and chief executive of Roche, said: "We are very pleased that the shareholders of Chugai voted in favour of this innovative and promising alliance with Roche."
He added: "Chugai will create a new business model for growth and shareholder value, and the resource of both companies will significantly strengthen its position in the Japanese pharmaceutical market."
The alliance was first announced in December last year. Roche will purchase a 50.1% stake in Chugai. It will merge Chugai with its Japanese subsidiary, Nippon Roche, after Chugai has spun off its California-based DNA subsidiary Gen-Probe.
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