MedImmune decides not to buyMedImmune Inc. said yesterday...

BUSINESS DIGEST

December 21, 1993

MedImmune decides not to buy

MedImmune Inc. said yesterday that it had ended negotiations to buy Melville Biologics because the proposed purchase was not in the best interests of its shareholders.

Gaithersburg-based MedImmune had previously signed a letter of intent to acquire the Melville Biologics division of the New York Blood Center for $40 million in common stock, about $4 million in cash and some royalty payments.

MedImmune develops, makes and markets therapeutics and vaccines for the treatment of certain infectious diseases and cancers.

BG&E earns favorable ratings

The Baltimore Gas and Electric Co. yesterday raised no objections to findings by the Nuclear Regulatory Commission that gave its Calvert Cliffs nuclear power plant superior ratings.

The NRC's Systematic Assessment of Licensee Performance gave the South Maryland plant "excellent" ratings in operations and engineering and "good" ratings in maintenance and plant support.

Drug makers form joint venture

Warner-Lambert Co., a drug and health-care-products maker, signed an agreement yesterday with Wellcome PLC, a British competitor, to develop and market over-the-counter drugs.

The agreement is expected to generate annual sales of more than $1.6 billion.

Warner-Lambert, based in Morris Plains, N.J., and the designated managing partner of the joint venture, will receive about 70 percent of the profits; Wellcome will receive the rest.

Nike's profits drop 30 percent

Nike Inc. said yesterday that profits fell 30 percent in its fiscal second quarter due to a decline in orders for athletic shoes and clothing.

In the three months that ended Nov. 30, Nike earned $52.3 million, or 69 cents a share, compared with $76 million, or 98 cents a share, in the same period last year. Revenue fell 8 percent to $805.8 million from $875.8 million.

Nike Chairman Philip H. Knight had predicted the slowdown based on previously announced orders, changes in foreign currency exchange rates and retail trends.

Intel to cut Pentium prices

Intel Corp. said yesterday it was cutting prices and increasing production of its Pentium microprocessors. The price cuts of 14 percent to 18 percent take effect in the second quarter of 1994.

Although Pentium prices would still be far higher than the advertised price for PowerPC, the new chip jointly developed by IBM, Apple and Motorola, Intel officials said they believed that computers using their chips would be priced lower than the

competition.

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