ARTICLE | Strategy
Another Pharma Boost For Genomics
June 27, 1994 7:00 AM UTC
The latest demonstration of the pharmaceutical industry's interest in genomics is Pfizer Inc.'s $9 million equity investment in Incyte Pharmaceuticals Inc. (IPI) for non-exclusive access to IPI's gene database and high-throughput gene sequencing and analysis technology.
Pfizer will pay $15.8 million in research funding and database access charges in addition to acquiring a 10 percent equity stake in the Palo Alto company. Pfizer will buy 710,000 shares at $12.75 per share. IPI has 7 million shares outstanding following the deal. The pharma company also will pay milestones and royalties...