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Agouron Posts Loss, Plans Spinoff

July 22, 1998|Reuters

Agouron Pharmaceuticals Inc. posted lower fiscal fourth-quarter results and said it plans to spin off its oncology business. The La Jolla-based drug company reported a loss of $8.92 million, or 29 cents a share, compared with a loss of $10.8 million, or 38 cents a share, a year ago. Revenue was $135.5 million, up from $60.8 million a year ago. Results include a $26-million payment of licensing fees for three development-stage, anti-HIV products. The company also announced plans to create a separate operating oncology division that will trade separately. Agouron's shares lost 75 cents to close at $28.75 on Nasdaq.

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