Orthomet drops Kirschner offerOrthomet Inc., locked in a...

BUSINESS DIGEST

July 02, 1994

Orthomet drops Kirschner offer

Orthomet Inc., locked in a battle with Biomet Inc. for Timonium-based Kirschner Medical Corp., said it withdrew its sweetened offer for the orthopedic-implant company.

James Hawley, Orthomet's executive vice president, declined to comment further.

On Wednesday, Orthomet offered 1.3 shares of its common stock for each share of Kirschner stock plus warrants giving holders the right to buy 1.3 shares of Orthomet stock at $10 a share for the next seven years. Minneapolis-based Orthomet boosted its offer after Biomet Inc., a competitor based in Warsaw, Ind., offered on Monday to buy Kirschner for $10 a share.

Testing of Lyme vaccine sought

MedImmune Inc. said yesterday that it has filed an application with the Food and Drug Administration to test its Lyme disease vaccine in clinical trials. The Gaithersburg-based company develops, manufactures and markets medications and vaccines for treatment and prevention of certain infectious diseases and cancers.

The clinical trials will be held with the University of Maryland School of Medicine.

CMG Health hires vice president

Keith Schafer, who led the Missouri Department of Mental Health through painful budget slashing, resigned yesterday to become a vice president at CMG Health Inc. of Owings Mills.

Eight-year-old CMG, which had sales of $29 million last year, is a managed-care provider of mental health and substance abuse services. In March, the company signed an agreement to serve members of Humana Inc., a deal that could double CMG's size in two years.

Bally seeks Circus Circus stock

Bally Entertainment Corp. is seeking permission from the Federal Trade Commission to buy 15 percent to 25 percent of the stock in Circus Circus Enterprises Inc., the founder of Circus Circus said yesterday.

William G. Bennett, Circus Circus chairman, said he received a call last week from Arthur Goldberg, Bally chairman, saying Bally would be seeking FTC approval under federal antitrust laws to purchase the large block of Circus stock.

NTT seeks listing on exchanges

Nippon Telegraph and Telephone Corp., the world's second-largest telecommunications company, said yesterday that it is seeking to list its shares on the New York and London stock exchanges.

NTT President Masashi Kojima said the company will submit applications to the New York Stock Exchange in mid-July and the London Stock Exchange in October.

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