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Novartis seeks Chiron buy

This article was originally published in The Gray Sheet

Executive Summary

Novartis offers Chiron $4.5 bil. in cash for the remaining 57.8% of the company, both companies announce Aug. 31. Novartis purchased a 42.2% stake in the firm in 1995. Blood-testing products, including the firm's flagship Procleix nucleic acid testing system, accounted for $494.1 mil. of Chiron's $1.7 bil. revenue in 2004. The rest is from vaccines ($479 mil.) and biopharmaceuticals ($563 mil.). Novartis said it will seek a customary merger agreement with the independent directors of Chiron's board, but notes that the acquisition is subject to approval by a majority of the Chiron shares not owned by the Swiss firm...

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