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ZymoGenetics (NASDAQ:NGEN): Squibb Aquires Another Gives Sector Boost

Bristol-Myers Squibb Co. said Tuesday it will acquire biotechnology partner ZymoGenetics Inc. for $885 million in another move by a major drugmaker to boost its pipeline by snapping up a smaller developer. The New York drugmaker's $9.75-per-share bid represents a 77 percent premium to Zymogenetics' closing price of $5.51.

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