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March 26, 2009, 5:27 a.m. EDT

Aspen Pharmacare says still in negotiations with firm believed to be Glaxo

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By Robb M. Stewart

JOHANNESBURG (MarketWatch) -- South African generic drug maker Aspen Pharmacare Holdings Ltd. (APN.JO) said Thursday negotiations were still in progress that may materially affect the price of its securities.

"Shareholders are advised to continue exercising caution when dealing in Aspen's securities until a further announcement is made," the company said in a brief statement that didn't offer further detail on the nature of the negotiations.

GlaxoSmithKline PLC /zigman2/quotes/209463850/composite GSK -1.39% is preparing to buy a minority stake in Aspen, according to people familiar with the matter. Glaxo will buy the stake, which likely will be in the range of 25%, by swapping assets for Aspen shares and buying additional Aspen stock in the market or from the company, the Wall Street Journal reported earlier Thursday.

At 0851 GMT, Aspen's shares were trading 1.5% higher at 48.65 rand, giving it a market capitalization of roughly $1.87 billion.

-Contact: 201-938-5400

/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 41.02
-0.58 -1.39%
Volume: 2.81M
Nov. 26, 2021 1:10p
P/E Ratio
17.46
Dividend Yield
4.88%
Market Cap
$102.78 billion
Rev. per Employee
$464,855
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