Squibb Corp. will acquire a 5% stake in Cetus Corp.
The big pharmaceutical concern will buy the stake in Cetus as part of a joint venture to develop, manufacture and market biotechnology-based drugs. Princeton, N.J.-based Squibb will pay about $40 million for the Cetus equity and provide about $75 million to fund Cetus research and development. The Emeryville, Calif.-based biotechnology firm will license to Squibb Interleukin-2, an anti-cancer agent Cetus manufactures through genetic engineering, for sale outside North America and Western Europe.
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