Altana sells pharmaceuticals business to Nycomed

By Elaine Rigoli

Tampa, Fla., Sept. 21 - Altana AG said it sold Altana Pharma AG and its entire pharmaceuticals business to Nycomed, a pharmaceutical company based in Roskilde, Denmark.

Altana, a Bad Homburg, Germany-based pharmaceutical company, plans to transfer the business to Nycomed on Jan. 1.

The total purchase price to Altana is expected to amount to about €4.5 billion, which includes a debt-free and cash-free valuation of Altana Pharma of €4.215 billion and an additional €0.3 billion after price adjustment at closing to reflect net cash and working capital.

The net proceeds of the transaction will be transferred to Altana's shareholders in 2007. The distribution will come in addition to the dividend for the financial year 2006.

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