Novartis’ Bid for Chiron Is Low, Lawsuit Says
- Share via
Novartis’ proposed $4.5-billion buyout of Chiron Corp. undervalues the U.S. vaccine producer, Chiron shareholders said in a lawsuit filed against company directors.
Novartis of Switzerland, the world’s fourth-largest drug maker, offered $40 a share for the 58% of Chiron it doesn’t already own, about a 10% premium at the time, Emeryville, Calif.-based Chiron said Thursday.
The acquisition would give Novartis access to a potential $10.4-billion vaccine market by 2007, Lehman Bros. analysts said. Chiron said it received a favorable ruling from U.S. regulators, moving it a step closer toward resuming production of Fluvirin in Britain for the next influenza season.
Shares of Chiron fell 14 cents to $42.79. Novartis’ U.S. shares fell 9 cents to $49.10.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
