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Mitsubishi to buy Medicago and pump cash into RTP vaccine plant

Medicago, a Canadian drug developer that recently built a vaccine plant in Research Triangle Park, will be bought by Japan's Mitsubishi Tanabe Pharma, the companies said Friday.

The deal, valued at $357 million, will create a joint venture between Mitsubishi and Philip Morris Investments as co-owners of Medicago, its RTP lab and intellectual property.

Mitsubishi and Philip Morriss had previously bought stakes in Medicago and will own 60 percent and 40 percent, respectively, when the acquisition is completed within 75 days.

"The two shareholders intend to improve Medicago's technology and expand Medicago's business so that it can supply excellent vaccines globally," Mitsubishi said in a statement.

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