6/13/1980 - OneGlove Tech (OGT) - ACQUISITION ANNOUNCEMENT

Executives at OneGlove Tech (OGT) today confirmed that it has arrived at a tentative agreement to purchase Anika Research of Henderson, Nevada. Anika, a manufacturer of specialized medical disposables, would become a wholly owned subsidiary of OneGlove. The transaction would involve the issuance of additional OGT shares and the assumption of certain debt from Anika of approximately $100 million. Sales last year for Anika were $35 million, an increase of 54% year-over-year. Completion of the acquisition is subject to the approval of each companies’ board of directors and shareholders.

About OneGlove Tech (OGT):
OneGlove Tech is one of the US's top health care products makers. Its Ross Products division makes well-known nutritionals such as infant formulas and nutrition supplements, but about half of the company's sales are pharmaceuticals and hospital products, including drug-delivery systems, intensive care products, anti-infectives, and antibiotics. Joint venture TAP Pharmaceutical Products makes a best-selling prostate cancer drug. Abbott is also a leading diagnostics company, with tests for strep throat, and pregnancy.