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SUGEN Completes Sale of Stake in Selectide and Repurchases Common Stock

Strategic Insights

— 1 min read

SUGEN, Inc. has completed the sale of its 5% stake in Selectide Corporation to Marion Merrell Dow, Inc. for approximately $3 million. This transaction resulted in net proceeds of approximately $1.5 million to SUGEN after repurchasing 300,760 shares of its common stock from Selectide for approximately $1.43 million. The sale of SUGEN's stake in Selectide occurred in connection with Marion Merrell Dow's acquisition of Selectide, which closed yesterday. SUGEN and Selectide have also terminated their Collaboration and Licensing Agreement regarding peptide antagonists of SUGEN's signal transduction targets.

Key Takeaways:

  • SUGEN, Inc. has sold its 5% stake in Selectide Corporation to Marion Merrell Dow, Inc. for approximately $3 million.
  • SUGEN has repurchased 300,760 shares of its common stock from Selectide for approximately $1.43 million, resulting in net proceeds of approximately $1.5 million.
  • The sale of SUGEN's stake in Selectide occurred in connection with Marion Merrell Dow's acquisition of Selectide, which closed yesterday.
  • The termination of the Collaboration and Licensing Agreement between SUGEN and Selectide does not impact SUGEN's in-house screening and development activities.
  • SUGEN's shares have been traded on the Nasdaq Stock Market under the symbol SUGN since October 1994.
  • SUGEN is a biopharmaceutical company dedicated to developing small molecule drugs targeting signal transduction molecules, which are involved in various human diseases and disorders.

Statistics:

  • SUGEN sold its 5% stake in Selectide Corporation for approximately $3 million.
  • The net proceeds to SUGEN from the sale were approximately $1.5 million.
  • SUGEN repurchased 300,760 shares of its common stock for approximately $1.43 million.
  • SUGEN's shares have been traded on the Nasdaq Stock Market under the symbol SUGN since October 1994.
  • The termination of the Collaboration and Licensing Agreement between SUGEN and Selectide does not impact SUGEN's in-house screening and development activities, which are targeting signal transduction molecules involved in various human diseases and disorders.

Sources:

  • BUSINESS WIRE: January 26, 1995 (143,000 shares repurchased for approximately $1.43 million)

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