Schering completes Diatide purchase

November 10, 1999

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

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.