Novartis receives US regulatory approval to acquire Chiron
Novartis announced that it has received US regulatory approval to acquire the remaining 58% stake in the US pharmaceutical company Chiron Corporation that it does not currently own.
Novartis reaffirms 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.
The US Federal Trade Commission granted early termination on December 5 for the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, which satisfies one of the conditions to complete this transaction.
The Chiron Board of Directors have recommended that Chiron shareholders accept an offer from Novartis to acquire the remaining approximately 113 million fully diluted shares of Chiron not owned by Novartis for USD 45.00 per share in cash, or approximately USD 5.1 billion. The Board of Directors made their recommendation based upon the unanimous recommendation of Chiron's independent directors, who were charged with acting solely on behalf of Chiron shareholders other than Novartis.
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