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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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BUSINESS
September 7, 2005 | From Associated Press
Chiron Corp.'s stock continued to climb Tuesday as investors bet that the recently troubled biotechnology company would remain a takeover target despite its rejection of a $4.5-billion bid by Swiss pharmaceutical giant Novartis. Shares of Emeryville, Calif.-based Chiron gained 72 cents to $43.51. Tuesday's trading was investors' first chance to respond to Chiron's Labor Day rebuff of Novartis' $40-a-share bid to buy the third-oldest U.S. biotechnology company, behind Amgen Inc.
BUSINESS
September 6, 2005 | From Bloomberg News
Chiron Corp., a U.S. vaccine maker recovering from a manufacturing shutdown, rejected Novartis' $4.5-billion cash offer as "inadequate" as Chiron's flu treatment moves closer to returning to the U.S. market. Novartis' $40-a-share bid was unsolicited, although the companies have talked about mergers and other transactions, Chiron said Monday in a statement. Novartis, which owns 42.2% of Emeryville, Calif.-based Chiron, offered to buy the rest Thursday to add treatments for flu and cancer.
BUSINESS
September 3, 2005 | From Bloomberg News
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.
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
July 15, 2005 | From Bloomberg News
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.
BUSINESS
July 15, 2005 | From Associated Press
Bristol-Myers Squibb Co. said it had reached an agreement to sell its U.S. and Canadian consumer medicine business to Novartis for $660 million in cash. The division, which reported $242 million in sales last year, includes Excedrin for headaches, cold and flu medicine Comtrex and Keri moisturizers. Novartis' consumer product division includes Ex-Lax laxative, Maalox antacid, Theraflu adult cold and flu treatment and Triaminic for children's coughs and colds.
BUSINESS
June 3, 2005 | From Bloomberg News
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.
BUSINESS
March 22, 2005 | Denise Gellene, Times Staff Writer
A potential rival to Genentech Inc.'s cancer drug Avastin stumbled in a clinical trial Monday, sending Genentech's shares up nearly 10%. Swiss drug maker Novartis and its German partner Schering have been testing a drug known as PTK-787 as a treatment for colon cancer. The companies said the drug did not extend the time it took cancer to worsen, so-called progression-free survival, when compared with standard chemotherapy drugs. Schering's U.S.
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.
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