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MMD ups stake in Nordic Labs

Executive Summary

Marion Merrell Dow agreed to buy Merieux Canada Holdings Ltd.'s 35.4% stake in the common and preferred stock of the Canadian pharmaceutical firm Nordic Labs, MMD announced April 16. Nordic has been 50%-owned by MMD since 1982, when Nordic began distributing Marion Labs' prescription products in Canada. The purchase will give MMD an 85.4% stake in the company, which it says is the fourth largest pharmaceutical manufacturer in Canada, with 1990 revenues of $ 126 mil. Merieux, when it agreed to acquire Connaught Labs in Setpember 1989, said it would consider selling off Connaught's stake in Nordic.
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PS019053

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