>>WASHINGTON, Nov 28 (Reuters) - Procter & Gamble Co.'s (NYSE:PG - news) pharmaceutical division plans to sell $60 million of Regeneron Pharmaceuticals Inc. (NasdaqNM:REGN - news) common stock to four affiliated institutional investors, P&G said in a regulatory filing on Wednesday.
The sale of 3 million shares for $20 each is scheduled to be completed on Nov. 29 and will result in P&G's stake in Regeneron falling to 6.5 percent, or about 2.7 million shares, according to the filing with the Securities and Exchange Commission.
Regeneron, a drug developer based in Tarrytown, New York, has drugs in clinical trials for obesity and arthritis. The company also hopes to develop treatments for cancer, asthma, allergies and other conditions.
Regeneron agreed to the P&G sale under a March 2001 agreement. Its shares were down $1.51, or 5.3 percent, to $26.99 in afternoon trading on Nasdaq.<<
snip
Cheers, Tuck |
