Baxter Will Sell Stake in Biotech Firm:...
From Times Staff and Wire Service Reports
Baxter Will Sell Stake in Biotech Firm: Baxter International has been a long-time investor in Genetics Institute of Cambridge, Mass., holding 7% of the shares, but said it will sell all or part of the stake to raise money for debt reduction. Analysts believe that the stock sale does not reflect any displeasure on Baxter’s part with the smaller company, with whom it has a joint program to develop and market a drug to treat hemophilia. Baxter stock rose $1.25 per share to close at $23 on the New York Stock Exchange; on NASDAQ, Genetics Institute closed down $2 to $27.25.
