Roberts Pharmaceutical Corp. said Friday that its shareholdershave approved a previously announced equity investmentagreement with Yamanouchi Pharmaceutical Co. Ltd.
A U.S. subsidiary of the Tokyo company will buy 4 millionnewly issued shares of Roberts common stock (NASDAQ:RPCX)for $23.84 per share, for a total of $95.4 million.
The purchase will increase the number of shares of Robertsstock outstanding to 13.8 million and give Yamanouchi a 29percent stake in the Eatontown, N.J., company. Yamanouchi willhave up to two seats on Roberts' board.
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