Zeneca price tumbles as takeover attractions fade
The fall came despite a year-end trading statement bang in line with expectations.
Pharmaceutical sales in the second half grew at about the 6 per cent recorded in the first six months, despite deteriorating conditions in the United States and Italy.
Tenormin, the heart drug that lost its patent protection, continued to decline but no faster than in the first half. Zoladex, the cancer treatment, continued to grow strongly.
Six months ago Zeneca was being widely tipped as a stronger bid target than Wellcome because of the added bonus to a predator of selling off its agrochemical and speciality chemicals arm for up to £2bn.
Drought in South Africa and Australia, and the withdrawal of the East European seeds operation, held sales back in the seasonally less important second half, but profits for the full year are expected to be substantially ahead of 1993.
Despite tough trading for the colours operation, sales of Resins and Quorn showed strong growth.
Zeneca also said yesterday that its proposed acquisition of 50 per cent of Salick Health Care, the American cancer drug business, had been cleared by US anti-trust authorities.
Completion of the deal is now expected by the end of March.
Analysts expect Zeneca to make pre-tax profits in the year to December 1994 of £760m and £850m in the current year.
The party's potential nominations read like a high school race for student body president
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...