Chiron acquisition of PathoGenesis nearly complete

Chiron Corp. (Emeryville, CA) subsidiary Picard Acquisition Corp. has completed its cash tender offer for all outstanding PathoGenesis common stock. The successful cash tender takes Chiron one step closer to completing its acquisition of Pathogenesis.

On August 14, Chiron announced that it had entered into a definitive merger agreement with PathoGenesis. Pursuant to the agreement, on August 21 Picard Acquisition Corp. commenced an all-cash tender offer for all of PathoGenesis' outstanding common stock, at a price of $38.50 per share. Each share of common stock not tendered will be converted into the right to receive $38.50 in cash. When the merger is completed, PathoGenesis would become a wholly owned subsidiary of Chiron.

Based on preliminary information, a total of 15,962,011 shares, or approximately 96% of the outstanding common stock of PathoGenesis, were validly tendered prior to the expiration of the offer and not withdrawn. All such shares have been accepted for purchase in accordance with the terms of the offer.

Chiron Corporation is a biotechnology company that participates in three global healthcare markets: biopharmaceuticals, vaccines, and blood testing. The company is currently developing products for preventing and treating cancer, infection, and cardiovascular disease.

For more information: Chiron Corp., 4560 Horton St., Emeryville, CA 94608-2916. Tel: 510-655-8730. Fax: 510-655-9910.

Edited by Jim Pomager
Assistant Editor, Pharmaceutical Online