Novartis offers $4.5B for rest of Chiron
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United Press International
09:31 a.m. 09/01/2005
BASEL, Switzerland, Sep 01, 2005 (United Press International via COMTEX) -- Switzerland's Novartis AG offered $4.5 billion Thursday to buy the rest of Chiron Corp., the troubled California vaccine maker, it doesn't own.
Novartis already holds a 42.2 percent stake in Chiron, whose British flu vaccine operation was found to be contaminated and whose German vaccine plant experienced similar problems.
If the offer is accepted, it would be a bargain for Novartis because Chiron's troubles have depressed its share price.
Analysts said the offer appeared to be an attempt to "clean up" the management and operations of the 5,300-employee company.
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