ALTANA SELLS PHARMACEUTICAL BUSINESS TO NYCOMED

German company Altana has completed the sale of its pharmaceutical business to Danish drugmaker Nycomed for approximately $6 billion, Altana announced.

The companies officially completed the sale Dec. 29, and Altana transferred ownership to Nycomed effective Dec. 31, Altana said. With the sale finalized, Altana said it will now focus on its specialty chemicals business.

Nycomed announced the agreement Sept. 21. After European and American antitrust authorities reviewed the deal, a large majority of Altana shareholders approved the sale Dec. 19, Nycomed said.

The new company, operating under the Nycomed brand name, will officially launch Jan. 16 and be headquartered in Switzerland.

Nycomed estimated the new company will have an initial work force of 12,000 people in more than 40 countries and expects an estimated $3.9 billion in annual sales.