Ciba-Geigy may buy up to 20% of Spectra-Physics.

San Jose-based Spectra-Physics will issue new stock to be sold to Ciba-Geigy for $32.2 million, or $29 per share, which will give the Swiss firm 16%. Under the agreement, Ciba-Geigy can increase its stake to 20% at a later date, and the Swiss firm will also provide $5 million for the laser maker’s research.