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Connaught BioSciences

Executive Summary

University of Toronto agrees to drop objections to proposed Connaught acquisition by French vaccine developer Institut Merieux, which will grant the university $9 mil. (Canadian) for vaccine research and an additional C $6 mil. to other Canadian institutions. The deal represents a substantial increase over an existing agreement in which the university received C $400,000 from Connaught in 1988. On Oct. 27, Institut Merieux extended its C $37 per share offer for Connaught stock. Ciba-Geigy and Chiron, which have an outstanding offer for Connaught of C $30 per share, also presented a similar investment agreement to the university. Ontario Supreme Court said Oct. 27 that it is delaying ruling on university's lawsuit against Connaught because of the agreement-in-principle reached in the dispute....

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