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IBM Made $10M Investment in MDS Proteomics, MDS Says

NEW YORK, March 8 – IBM’s investment in MDS Proteomics totaled $10 million, parent company MDS of Toronto disclosed Thursday.

In January, IBM made an equity investment in MDS Proteomics as part of a strategic collaboration that also included an agreement to jointly establish a publicly available web-based protein database. At the time of the deal neither party disclosed the size of the investment.

In an announcement of its first-quarter results, MDS said IBM made a $22 per-share equity investment in its subsidiary. As a result, MDS’s interest in MDS Proteomics fell to 88 percent.

MDS also said that it, too, continued to invest in its proteomics subsidiary. Such investments had a negative impact on earnings of five cents a share in first-quarter 2001.

MDS, reported top-line growth in both of its divisions, life sciences and health, for the quarter ended January 31. The company said that revenues in its life sciences division grew 36 percent to C$226.4 million dollars ($146.1 million), while revenues in its health unit were up 16 percent to C$167.7 million dollars.

First-quarter earnings per share before goodwill amortization were C$49.4 million, or 41 Canadian cents a share, compared with C$22.1 million, or 21 Canadian cents a share, in the year ago period.

MDS said it remained committed to launching an IPO for MDS Proteomics once the market conditions become more favorable.

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