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CML Healthcare Inc. completed a plan of arrangement valued at $1.25 Billion that resulted in the creation of two new entities, CML Healthcare Income Fund, an income trust owning CML’s diagnostic services business, and Cipher Pharmaceuticals Inc., a pharmaceutical corporation owning CML’s drug development and pharmaceutical research business. As part of the arrangement, CML also entered into new credit facilities in the amount of $200 million with a syndicate of lenders.

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2004