Mitsubishi Tanabe Pharma to take 60 pct stake in Canada's Medicago

TOKYO, July 12 Fri Jul 12, 2013 3:25am EDT

TOKYO, July 12 (Reuters) - Japan's Mitsubishi Tanabe Pharma Corp said on Friday that it will take a 60 percent stake in Canada's Medicago Inc in a joint purchase with a Philip Morris International Inc subsidiary.

Mitsubishi Tanabe Pharma said it expects to pay C$1.16 per Medicago share, or up to C$179 million ($172 million), in the deal.

Philip Morris Investments will take the remaining 40 percent stake in Medicago, Mitsubishi Tanabe Pharma said in a statement.

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