HEALTH CARE
<i> Times Staff and Wire Reports</i>
Swiss Pharmaceutical Firm to Buy Genetic Therapy: Sandoz said it plans to acquire the Gaithersburg, Md.-based company for $295 million to enter the growing gene therapy industry. Genetic Therapy Inc. had sought an alliance to help fund research for treating cancer, cystic fibrosis, Gaucher disease, hemophilia and HIV, the virus that causes AIDS. Genetic Therapy’s board has approved Sandoz’s offer and amended its shareholder rights plan to allow the transaction to be completed. Sandoz said it has agreements with unnamed shareholders to buy 4.22 million Genetic Therapy shares for $21 each, boosting its stake in Genetic Therapy to 35.6%.
