Tuesday, June 08, 2004

From the Canadian Press:
Novartis firm Sandoz buys Quebec-based Sabex Holdings for $763 million
Swiss-based drug giant Novartis is paying $763 million Cdn to acquire a Quebec maker of generic drugs, Sabex Holdings Ltd.

Sabex, a specialist in injectable generic drugs such as morphine, has annual sales of about $120 million and 450 employees. The deal should help expand the Sabex operations and there wouldn't be any job losses or management changes, said Sandra MacTavish, a spokeswoman for Sandoz, the generic drug unit of Novartis.