US biotech group Chiron Corp, 44-percent controlled by Swiss life sciences group Novartis, has acquired US pharmaceuticals company PathoGenesis for $700 million (767 million euros), the companies said Wednesday.
PathoGenesis shareholders will receive $38.5 a share, a 17.5 percent premium over Friday's closing share price in New York, the two said in a statement received here.
Chiron specializes in biopharmaceuticals, vaccines and blood testing, while PathoGenesis specialises in drugs to treat serious lung infections, notably TOBI, the sole inhalable antibiotic for cystic fibrosis sufferers.
Chiron said it hoped to complete the transaction by the end of the year, and does not expect it to have a negative effect on its 2001 results.
Chiron made a net profit of 140 million euros last year on sales of 836 million, while PathoGenesis showed a loss of nine million euros on sales of 66.6 million euros. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
