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Eon Labs Inc

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.
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.
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.
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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