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Tecan

This article was originally published in The Gray Sheet

Executive Summary

Perkin-Elmer intends to sell its majority voting rights and 14.6 % capital stake in automated life sciences and diagnostics systems maker in order to focus on the genetics-based life science market, the two firms jointly announce March 18. Shares likely will be sold via public offering in Switzerland by the end of June, but PE also reserves the right to propose an opting-out clause to Tecan shareholders. An original January 1998 agreement sought to accelerate drug discovery and development through automated systems
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