Genetics Institute to Become Wholly-Owned Subsidiary of American Home Products Corporation

Strategic Insights

Dec 29, 1996 — 1 min read

Genetics Institute, a leading biopharmaceutical firm, is set to become a wholly-owned subsidiary of American Home Products Corporation after exercising a call option to acquire the outstanding capital stock. This move comes on the heels of American Home Products Corporation's notice of intent to exercise the call option on December 17, 1996, at a price of $85 per share. The trading of Genetics Institute stock on the Nasdaq National Market exchange will cease on December 31, 1996, and shareholders will be mailed letters of transmittal to provide for payment for their shares.

Key Takeaways:

Genetics Institute's shares of common stock will cease trading on the Nasdaq National Market exchange at 3:30pm on December 31, 1996.
American Home Products Corporation (AHP) will exercise its call option to acquire the outstanding capital stock of Genetics Institute at $85 per share.
All Genetics Institute shareholders of record at the time of trading cessation will be mailed letters of transmittal to provide for payment for their shares.
Genetics Institute will become a wholly-owned subsidiary of American Home Products Corporation after the acquisition.
American Home Products Corporation is a leading global pharmaceutical and healthcare products company with a diverse portfolio of products, including prescription drugs, over-the-counter medications, vaccines, biotechnology products, and more.
The acquisition is expected to provide Genetics Institute with greater financial and operational resources to support its research and development activities.

Statistics:

The call option price is $85 per share.
December 31, 1996, is the date when trading of Genetics Institute stock will cease.
January 2, 1997, is the date when shareholders will begin receiving letters of transmittal.
The Nasdaq National Market exchange is where Genetics Institute shares will trade.

Sources:

CO: Genetics Institute, Inc.; American Home Products Corporation

CONTACT: Dennis Harp of Genetics Institute, Inc., 617-876-1170

ST: Massachusetts

IN: MTC SU: LZ

SOURCE Genetics Institute, Inc.

http://www.prnewswire.com

The End of American Hypergrowth

For two centuries, the US economy grew by adding workers. That's over.

Healthcare's $5.3 Trillion Drag

How Medical Spending Became America's Biggest Productivity Tax

Breakthrough in Nanotechnology: Electromagnetic Shock Treatment Shows Promise

Researchers at the Wuhan University of Technology in China have made significant progress in the field of nanotechnology, specifically in the area of nanoindentation. A novel electromagnetic shock treatment (EST) method has been developed to enhance the microscale mechanical properties of a titanium alloy, with promising results obtained through array-based

Gut Microbiota Plays Crucial Role in Immunotherapy Success for Colon Cancer Patients

Research investigators at the Zhengzhou Central Hospital Affiliated to Zhengzhou University have made groundbreaking discoveries on the role of gut microbiota in determining the efficacy of immunotherapy for colon cancer patients. The study, which was recently published in Biochimica et Biophysica Acta, reveals that specific bacterial species and microbial metabolites

Read more

The End of American Hypergrowth

Healthcare's $5.3 Trillion Drag

Breakthrough in Nanotechnology: Electromagnetic Shock Treatment Shows Promise

Gut Microbiota Plays Crucial Role in Immunotherapy Success for Colon Cancer Patients