Schering completes Diatide purchase

The radiopharmaceutical industry was further consolidated last month when Schering AG’s subsidiary, Schering Berlin, announced that it has completed the purchase of 94% of the outstanding shares of peptide imaging agent developer Diatide of Londonderry, NH. Schering Berlin’s tender offer, made through its subsidiary, BXA Acquisition, in September (SCAN 9/29/99), expired Oct. 22 without challenge. Schering Berlin will acquire the remaining untendered Diatide shares under another merger agreement that does not require shareholder approval. The deal is estimated at $130 million, and should be advantageous to both firms: While Diatide gains marketing and financial support, Schering gains access to Diatide’s R&D pipeline.