Novartis To Finish Buying Chiron
Swiss pharmaceutical maker Novartis AG said Monday it agreed to buy the 58 percent of Chiron Corp. that it does not already own for $5.1 billion, improving a previous offer that the embattled biotechnology company had rejected.
Novartis, which made an initial $4.5 billion proposal last month that was rejected by the second-largest vaccine maker in the United States, said it had sweetened its offer to acquire approximately 113 million Chiron shares for $45 each in cash.
That represents a 23 percent premium over Chiron‘s closing price on Aug. 31, the last trading day before Novartis proposed buying the shares at $40 each, the Basel, Switzerland-based company said. Shares of Chiron rose 85 cents, or about 2 percent, to $44.25 in pre-market trading.
Source: NY Times.
There are currently no comments on this thread.