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Novartis receives approval to acquire Chiron

Date published: 07/12/2005

Switzerland's Novartis has announced that it has received US regulatory approval to acquire the remaining 58 per cent stake in the US pharmaceutical company Chiron that it does not currently own. In May 2003 Chiron in turn acquired Oxford based vaccine maker Powderject, which has a portfolio of products that includes vaccines for influenza, yellow fever, travel diarrhoea, cholera, tuberculosis, polio, tetanus and hepatitis B.

Novartis said that it expects to complete the acquisition of Chiron in the first half of 2006, subject to approval by a majority of Chiron's shareholders and other customary closing conditions, including additional regulatory approvals.

"Planning for the integration of Chiron into Novartis is on track, and this rapid review and approval by the FTC brings us closer to completing this transaction," said Dr Daniel Vasella, chairman and CEO of Novartis.

"Novartis brings the necessary expertise, scale and resources needed to address the vaccine production issues at Chiron and to strengthen R&D efforts aimed at bringing novel vaccines to patients."

The US Federal Trade Commission granted early termination on December 5th for the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, which satisfies one of the conditions to complete the transaction. In 2004, the Novartis Group's businesses achieved net sales of $28.2 billion and pro forma net income of $5.6 billion. Novartis Group companies employ about 91,700 people and operate in over 140 countries around the world.

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