April 20, 2006 |
Biotechnology company Chiron Corp. said that its shareholders had approved an offer from Swiss drug maker Novartis to acquire all remaining shares of the company for $48 a share, or about $5.4 billion. Chiron expects the acquisition to close today.
April 4, 2006 |
Swiss drug maker Novartis quelled a potentially ruinous revolt by influential Chiron Corp. stockholders Monday when it increased its takeover offer for the troubled biotechnology company to $48 a share from $45. The sweetened offer appeased at least two major stockholders holding a combined 17% Chiron stake that opposed the previous offer as too low, a Novartis spokesman said.
November 1, 2005 |
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.
September 3, 2005 |
Novartis' proposed $4.5-billion buyout of Chiron Corp. undervalues the U.S. vaccine producer, Chiron shareholders said in a lawsuit filed against company directors. Novartis of Switzerland, the world's fourth-largest drug maker, offered $40 a share for the 58% of Chiron it doesn't already own, about a 10% premium at the time, Emeryville, Calif.-based Chiron said Thursday. The acquisition would give Novartis access to a potential $10.4-billion vaccine market by 2007, Lehman Bros. analysts said.
July 15, 2005 |
Novartis said profit rose 9.2%, beating analyst estimates, as the company's heart medicine Diovan and cancer drug Gleevec helped it win market share. Net income rose to $1.65 billion, or 70 cents a share, from $1.51 billion, or 63 cents, a year earlier, Basel, Switzerland-based Novartis said. Analysts expected profit of $1.57 billion, according to a survey by Bloomberg. Revenue rose 12% to $7.8 billion. Novartis increased its share of the world pharmaceutical market to 4.6% from 4.
June 3, 2005 |
Novartis will pay as much as $570 million to Anadys Pharmaceuticals Inc. for rights to a treatment for hepatitis, an illness that affects more than 500 million people. The Swiss company will pay $20 million now, with $550 million linked to regulatory hurdles and market success, Anadys said in a statement Thursday. San Diego-based Anadys will be due $10 million after the successful filing of an investigational new drug application with U.S.