Regulatory Clearance Anticipates Closing Shortly for Bayer's Acquisition
of Chiron Diagnostics
EMERYVILLE, Calif., and TARRYTOWN, N.Y., Nov. 18 /PRNewswire/ -- Bayer
Diagnostics and Chiron Corporation (Nasdaq: CHIR) announced today that the
European Commission has cleared Bayer's acquisition of Chiron Diagnostics.
The companies expect to close the transaction promptly upon completion of the
remaining formalities, before the end of 1998.
In addition, the review period under the Hart Scott Rodino Act has expired
without a request for additional information, clearing the acquisition in the
United States.
"The European Commission was the final regulatory hurdle we needed to
clear," said Rolf Classon, president of Bayer Diagnostics. "We were confident
that we would pass regulatory review. This confirmation allows us to focus on
completing the final details of the transaction. We remain on schedule to
close before the end of 1998."
On September 17, 1998, Bayer and Chiron announced that they had signed a
definitive agreement for Bayer to acquire Chiron's diagnostics business for
$1.1 billion in cash plus licensing and royalty fees. Included in the
agreement are Chiron's immunodiagnostic, critical care diagnostic, nucleic
acid diagnostic and clinical chemistry businesses. The combined organization
will offer customers a complete line of products spanning the Critical Care
Testing, Laboratory Testing, Point-of-Care Testing and Self-Testing market
segments.
Bayer's Business Group Diagnostics, headquartered in Tarrytown, N.Y.,
(http://www.bayerds.com) is one of the largest diagnostics businesses in the world.
The company serves customers in 100 countries with an offering that includes
diagnostics systems in three key segments: Laboratory Testing, Point-of-Care
Testing and Self-Testing. The Group has approximately 4,800 employees
worldwide with 1997 sales of $1.1 billion. Bayer Diagnostics is a member of
the worldwide Bayer Group, a $32 billion chemical and pharmaceutical company
based in Leverkusen, Germany.
Chiron Corporation, headquartered in Emeryville, Calif., is a leading
biotechnology company that participates in three global health care markets:
blood testing, therapeutics and vaccines. Chiron also conducts research and
development in the fields of recombinant technology, gene therapy, vaccines,
small molecule discovery and genomics.
This news release contains forward-looking statements that involve risks
and uncertainties which might affect the initiation and completion of clinical
trials and the launch of products. A full discussion of the companies'
operations and financial condition, including factors that may affect their
business and future prospects, is contained in documents the companies file
with the SEC, such as form 10-Q and 10-K and 40F reports. These documents
identify important factors that could cause the companies' actual performance
to differ from current expectations, including the outcome of clinical trials,
regulatory review, manufacturing capabilities and marketing effectiveness.
SOURCE Bayer Diagnostics
 back to top
Related links:
http://www.bayerds.com
Company News On-Call:
http://www.prnewswire.com/comp/092575.html or fax,
800-758-5804, ext. 092575
CONTACT:
Judith Rossi of Chiron Diagnostics,
508-660-4875, or Mark A. Ryan of Bayer Corporation, 412-777-5666,
or Julie Wood of Chiron Corporation, 510-923-6686
|
