Volvo's 40% interest in Pharmacia is being acquired by the Swedish biotech firm Fermenta. The transaction is reportedly valued at over $500 mil. "The intention is to create conditions for a concentration of effort and for a new structure for the Swedish biotechnology industry by forming a major corporate group, strong in resources, with well developed research operations, rationalized production, and worldwide market network," Pharmacia said in a press statement. The firm added that "since Fermenta has also made an offer for shares held by Volvo and others" in the Swedish industrial company Sonessons, Fermenta also will acquire a "large interest in the Swedish pharmaceutical companies Leo and Ferrosan".
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