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Mitsubishi Tanabe to take majority stake in Phillip Morris-backed Medicago

 
• By Lucie Ellis-Taitt

Mitsubishi Tanabe Pharma (MTPC), in an agreement with US tobacco company Phillip Morris Investments, is set to acquire a majority stake in clinical stage biopharmaceutical firm Medicago, which develops vaccines using tobacco and alfalfa plants. The transaction values the firm at CAN357m (US$344m). The move will take Medicago private.

Mitsubishi Tanabe Pharma (MTPC), in an agreement with US tobacco company Phillip Morris Investments, is set to acquire a majority stake in clinical stage biopharmaceutical firm Medicago, which develops vaccines using tobacco and alfalfa plants. The transaction values the firm at CAN357m (US$344m). The move will take Medicago private.

MTPC will acquire all shares (a maximum of 147,666,241) not currently held by Phillip Morris for CAN1.16 in cash per share

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