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bioMerieux-Pierre Fabre Lives Up to Its Name

Only seven weeks after merging, French diagnostic-pharma company bioMerieux-Pierre Fabre is proposing to buy Organon Teknika's diagnostics business. The deal would combine two players with complementary, not overlapping, strengths in microbiology and infectious diseases. Under Dutch labor law, the proposal must be reviewed by Dutch employee groups and antitrust regulators before Organon Teknika's parent, Akzo Nobel NV, can formally accept it.

It hasn't taken bioMerieux-Pierre Fabre SAlong to act. Founders Alain Merieux and Pierre Fabre insisted when they agreed to merge their companies last fall that one of the key attractions would be to bolster bioMerieux's position in diagnostics and Pierre Fabre's in pharmaceuticals (see bioMerieux's and Pierre Fabre's Surprise, IN VIVO, October 2000 [A#2000800180 [See Deal]); in rapidly consolidating industries, both French companies were simply too small to be effective. Now, two months after the deal closed, the new company is proposing to pay $322 million for the clinical diagnostics businesses of Organon Teknika NV, the health care unit of Dutch conglomerate Akzo Nobel NV —roughly 1 1/4 times Organon's clinical diagnostics sales of $250 million.

The deal would combine two players with strong interests in microbiology and infectious disease testing—albeit with different strengths in each....

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