TARRYTOWN, N.Y., Nov. 30 /PRNewswire/ -- Bayer Diagnostics announced today
that the company has closed its transaction with Chiron Corporation
(Nasdaq: CHIR) for the acquisition of Chiron's in vitro diagnostics business.
Earlier this month, Bayer and Chiron announced that the agreement cleared
the review processes required by the European Commission and the U.S. Federal
Trade Commission.
On September 17, 1998, Bayer and Chiron announced that Bayer would 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, Nucleic Acid Testing and Self-Testing market segments.
Bayer's Business Group Diagnostics, headquartered in Tarrytown, NY,
(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. Bayer Diagnostics, in combination with Chiron
Diagnostics, now has approximately 8,000 employees worldwide with combined
1997 sales of close to $1.7 billion. Bayer Diagnostics is a member of the
worldwide Bayer Group, a $32 billion chemical and pharmaceutical company based
in Leverkusen, Germany.
SOURCE Bayer Corporation
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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
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