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Novartis buys Chiron

This article was originally published in The Gray Sheet

Executive Summary

Novartis enters definitive agreement with Chiron Oct. 31 to buy the remaining 58% of the company for $45 a share, or about $5.1 bil. in cash. The deal is subject to approval of Chiron's shareholders, other than Novartis, and is expected to close in early 2006. In August, Chiron's board of directors rejected a buyout offer from Novartis of $40 per share ($4.5 bil.) (1"The Gray Sheet" Sept. 12, 2005, In Brief). On Nov. 3, Novartis announced its intention to appoint its current Global Head of Pharma Development Joerg Reinhardt, PhD, to head-up the new diagnostics and vaccines division that will be created from Chiron business units...
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