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

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.