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Sekisui Chemical to buy U.S. medical firm - Nikkei

Tue Mar 17, 2009 1:55pm EDT

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NEW YORK, March 17 - Sekisui Chemical Co Ltd (4204.T) intends to acquire American Diagnostica Inc to enter the U.S. diagnostic drug market, the financial daily Nikkei said in its Wednesday edition.

Stocks  |  Mergers & Acquisitions

The paper said Sekisui would pay "several billion yen" for American Diagnostica, making the acquisition by next month. American Diagnostica's products include diagnostic drugs for hemophilia, while Sekisui makes testing equipment for diagnosing thrombosis and measuring cholesterol.

It said the acquisition would give Sekisui access to sales channels in North America.

Nikkei said Sekisui hopes to increase its medical operations' annual sales to 50 billion yen ($507 million), from slightly over 30 billion now, in three years. ($1=98.6190 yen) (Reporting by Gerald E. McCormick; editing by Richard Chang)

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