Low-key path to the buy-out

American Home Products Corp. surprised the world last week when it exercised its option to buy the 40 percent of Genetics Institute Inc. it didn't already own for $1 billion net of cash. Unlike the period leading up to the expiration of Roche's option to purchase the remainder of Genentech Inc., the months leading up to AHP's option deadline were relatively quiet and free of speculation. Indeed, the $85 buyout price represented a 38

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