Novartis eyes buy-out of biopharma firm Speedel

ZURICH (AFP) - Swiss pharmaceutical giant Novartis said Thursday it had boosted its stake in biopharmaceutical firm Speedel by 51.7 percent and aimed to buy it out completely for 907 million Swiss francs (560 millions euros, 882 million dollars).

Novartis added the 51.7 percent to its existing 9.7 stake in Speedel for 130 Swiss francs cash per share, it said in a statement.

The 882 million dollar figure is what Novartis expects to pay for the entire acquisition of Speedel, excluding its initial 9.7 percent stake.