Gordon,
Well some of the details are in and look good. I bought back the shares I sold.
Thursday January 6, 4:52 pm Eastern Time
Abbott Labs gets option to buy 49 pct of SuperGen
WASHINGTON, Jan 6 (Reuters) - Abbott Laboratories Inc. (NYSE:ABT - news) said it has received an option from drug maker SuperGen Inc. (NasdaqNM:SUPG - news) to buy 49 percent of the company for about $2 billion as part of a recent sales and marketing pact.
Abbott Labs, a health care products maker, said it would initially purchase $81.5 million worth of SuperGen's common stock and received the option to purchase the other shares at the exercise price of $85 a share, according to a Securities and Exchange Commission filing late Wednesday.
Under the sales and marketing agreement announced Dec. 22, Abbott will have the exclusive rights to distribution and promotion of SuperGen's cancer drug rubitecan outside the U.S. and co-promotion rights with SuperGen in the U.S., the filing said.
Abbott said it will consider further equity investments, cash milestones and option exercises over the life of the agreement.
San Ramon, Calif.-based SuperGen shares shot up Thursday 11 percent to 33-1/4 up 3-5/16 on Nasdaq. Meanwhile Abbott Park, Ill.-based Abbott Labs shares rose 9/16 to 34-1/2 on the New York Stock Exchange today.
Peter
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