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Biotech / Medical : CEPH - CEPHALON
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To: Icebrg who wrote (32)6/2/2003 6:23:23 AM
From: Icebrg   of 109
 
UPDATE - Lundbeck sells stake in Cephalon
Monday June 2, 6:06 am ET

[It would have been even better if they had sold before the dollar started to fall].

COPENHAGEN, June 2 (Reuters) - Danish pharmaceutical group Lundbeck said on Monday it has sold its stake in U.S. biotech firm Cephalon Inc.(NasdaqNM:CEPH - News) to cash in on the company's steep rise in value in recent years.

Proceeds from the sale amounted to $41 million, Lundbeck said in a statement.

Lundbeck bought one million shares in Cephalon in 1999 as part of a comprehensive research partnership, whose most advanced project is the development of a drug candidate for the treatment of Parkinson's disease. This partnership will continue despite the sale.

"Our decision to sell our shareholding in Cephalon was based exclusively on the fact that the company has generated so much value in recent years," Lundbeck said in a statement.

By 0950 GMT, Lundbeck shares were 0.8 percent up at 124 crowns, while Copenhagen bourse`s top-20 KFX index (Copenhagen:^KFX - News) was 1.1 percent higher.

The sale will result in a full-year financial expense of 67 million Danish crowns ($10.55 million) in 2003, it said.

For 2003 as a whole, Lundbeck still expects a 10 percent increase in sales and a 12 percent rise in operating profit.
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