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Syntex/Genetic Systems

Executive Summary

Syntex has signed a letter of intent to acquire 4.7 mil. shares of Genetic Systems at $8.50 per share, or approximately $40 mil. The agreement would increase Syntex' equity stake in the biotech firm from just under 2% to approximately 18%. In addition, Syntex would also provide approximately $20 mil. over the next five years to fund joint diagnostic R&D focusing primarily on the areas of infectious diseases and cell and tissue typing. The agreement is expected to be completed at the end of July.

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