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DeCode Sells Auction Rate Securities to Bank

DeCode Genetics said this week that it had sold to Icelandic bank NBI its auction rate securities for a price of $11 million.

Under terms of the sale, DeCode has a call option to require NBI to sell the securities back to the firm at any time prior to Dec. 31, 2009, while NBI has a put option to require DeCode to repurchase the securities following the sale of certain other DeCode assets, or if not previously repurchased, on Dec. 31, 2009.

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