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Biotech / Medical : SCIO Scios Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (1470)	2/10/2003 9:10:10 AM
From: Biomaven	Read Replies (1) \| Respond to of 1477

Well so much for any hopes of a bidding war: J&J to buy Scios for $2.4 bln, gains heart drug - Feb 10, 2003 08:56 AM (Reuters) - finance.lycos.com ============================================================ NEW BRUNSWICK, N.J., Feb 10 (Reuters) - Johnson & Johnson (NYSE:JNJ) said on Monday it agreed to buy biotechnology company Scios Inc. (NASDAQ:SCIO) for about $2.4 billion, giving J&J a new congestive heart drug and rights to Scios' experimental arthritis medicine. Under the terms of the agreement, Scios shareholders will receive $45.00 for each outstanding Scios share. Shares of Scios had jumped 22 percent to close $42.20 Friday on news the two companies were in merger talks. The value of the deal is expected to be about $2.4 billion, net of cash, based on Scios' 59.8 million diluted shares outstanding. Scios, which has a drug on the market for congestive heart failure, is developing an oral rheumatoid arthritis drug that could compete with injectable treatments such as Amgen Inc.'s (NASDAQ:AMGN) Enbrel and Johnson & Johnson's Remicade. Copyright 2003, Reuters News Service