In brief: Genzyme; Novo Nordisk
Friday, 05 November, 2004
Genzyme will pay Wyeth US$121 million in cash for buy back rights to sell arthritis drug Synvisc in the United States and Europe. Genzyme said additional payments could extend until June 2012 for total payments of US$294 million.
Genzyme said it expects Synvisc to add about $240 million to its sales. It expects the deal to close in January.
Novo Nordisk shares rise on growth drug approval
Shares in Denmark's Novo Nordisk rose as much as 3 per cent on Thursday after the company's growth hormone drug Norditropin had been approved by US health authorities for use on adults.
The US Food and Drug Administration approved the drug Norditropin for adults after having granted approval for its use on children in October.
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