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Business

Mitsubishi To Buy Vaccines Developer

by Michael McCoy
July 22, 2013 | A version of this story appeared in Volume 91, Issue 29

Japan’s Mitsubishi Tanabe Pharma has agreed to acquire the majority of vaccines developer Medicago in a deal that values the company at about $357 million. Tobacco giant Philip Morris will continue to own 40% of the company. Medicago, which is based in Quebec City, is developing vaccines that can be grown in plants, including tobacco. Earlier this year, Medicago signed an agreement with Mitsubishi Tanabe’s parent company to evaluate Mitsubishi’s closed system for growing a plant related to tobacco as a pharmaceutical protein source.

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