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Biotech / Medical : Biotech arbitrage plays

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To: dalroi who started this subject	3/20/2002 10:28:00 AM
From: dalroi	of 7

here goes the first one merger cltx -shr 3/20/2002 can be initiated cltx 10.52 shr 59.44 yield +- 0.4/cltx share FRANKFURT -(Dow Jones)- German specialty pharmaceuticals company Schering AG ( SHR) said Wednesday that it plans to acquire the 88% of U.S. biotechnology company Collateral Therapeutics Inc. (CLTX) it doesn't already own, in a stock- for-stock transaction valued at $140 million. It said it will swap its own American Depositary Receipts for Collateral shares at a rate of one Schering ADR for 0.1847 Collateral shares. Schering said it expects the deal to be closed during the third quarter of 2002, pending approval from regulatory authorities and a number of Collateral shareholders. Shareholders owning 26.7% of Collateral stock have already agreed to the sale, Schering said in a statement.

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