Chiron Corporation Confirms Proposed Purchase Of BETASERON Assets By Schering AG Under Change-In-Control Option
Published: Feb 27, 2006
EMERYVILLE, Calif.--(BUSINESS WIRE)--Feb. 24, 2006--Chiron Corporation (Nasdaq:CHIR) today announced that Schering AG has provided formal notice to Chiron of its intention to exercise its option under its collaboration agreement with Chiron to purchase or lease all assets used by Chiron in the manufacture for Schering of BETASERON(R) interferon beta-1b products and all contractual rights at their fair market or lease value. The purchase/lease option, as stipulated in a change-in-control clause in the agreement, is subject to the closing of the proposed acquisition of Chiron by Novartis AG. The agreement requires that the value be determined by an independent third party mutually agreed upon by both parties. The collaboration agreement between Chiron and Schering is set to expire in October 2008.