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(Salt Lake City-AP) -- Salt Lake City's N-P-S Pharmaceuticals -- to the surprise of some analysts -- announced it would acquire Enzon Pharmaceuticals of New Jersey in a deal valued at nearly one (B)billion dollars.
After the announcement, N-P-S stock tumbled by 25 percent. Enzon lost eight percent yesterday.
N-P-S officers said they were unruffled by the market's reaction, convinced time will convince investors that the newly merged company will be profitable.
The newly combined company, yet to be named, will have headquarters in New Jersey. There was no word on any work force adjustments, though the companies committed to maintaining major research, development and manufacturing facilities in Salt Lake City, as well as Toronto and Indianapolis.
(Copyright 2003 by The Associated Press. All Rights Reserved.)