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June 11, 2004
* The U.S. Department of Agriculture said all results from screenings in the first week of its expanded testing program for mad cow disease were negative. A total of 1,127 screenings were performed on tissue samples from cattle in the week ended Monday. * The Food and Drug Administration approved a raft of generic versions of the antibiotic Cipro, which gained fame during the anthrax crisis. Among the 11 companies to win approval for their generics were Mylan Laboratories Inc.
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BUSINESS
February 22, 2005 | From Associated Press
Novartis said Monday that it would buy generic-drug makers Eon Labs Inc. of the United States and Hexal of Germany for a total of $8.3 billion in cash. The Swiss pharmaceutical giant said integrating the two companies into its Sandoz division would create the world's largest generic-drug company.
BUSINESS
September 2, 2005 | Denise Gellene, Times Staff Writer
The consolidation of the drug industry continued Thursday as Swiss drug maker Novartis bid $4.5 billion for the shares of Chiron Corp. that it doesn't already own. Novartis offered $40 a share for 58% of Emeryville, Calif.-based Chiron, which is struggling to relaunch its U.S. flu vaccine business. Investors drove Chiron's shares up nearly 18% to $42.93, signaling that Novartis might have to sweeten its bid. Chiron said its board would evaluate the offer.
BUSINESS
November 1, 2005 | Lisa Girion, Times Staff Writer
California biotech company Chiron Corp. said Monday that it agreed to accept a sweetened buyout offer of $5.1 billion from Swiss drug giant Novartis in a deal that reflects the global vaccine market's growing importance. Novartis, which already owns 42% of the Emeryville, Calif.-based flu vaccine maker, was rebuffed in September when it bid $4.5 million, or $40 a share, for the balance of Chiron's shares. The latest bid is $45 a share. Both companies' stock rose Monday.
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